WTI bulls near $92.00 resistance

Black gold posted its highest daily gains in a month the day before, bouncing off the 61.8% Fibonacci retracement line of December 2021 to March 2022 upside, approximately $86.85 at press time.

The price stays below a convergence of the 21-DMA and a downward sloping resistance line from mid-June, $92.00. Stable RSI and sluggish MACD signals also show lack of rising momentum.

Before celebrating, crude oil purchasers should wait for a daily close above $92.00. After that, a run up to July's swing high above $101.00 is possible.

The important Fibonacci retracement level at $86.85 precedes the recent multi-month bottom around $85.40 to limit short-term WTI downside.

If energy bears keep reins below $85.40, the January 2022 high near $81.70 may act as an intermediate halt before sending prices to $80.00.