• WTI retreats from short-term key Fibonacci retracement level, stays near two-week top.
• MACD conditions, sustained trading beyond the key technical supports favor buyers.
• A convergence of 50-DMA, two-month-old rising support line challenges bears.

WTI crude oil prices pare intraday losses around $109.00 heading into Wednesday’s European session.

The black gold refreshed a fortnight top the previous day before taking a U-turn from $112.90. The pullback moves could be linked to the commodity’s inability to cross the 23.6% Fibonacci retracement (Fibo.) level of December 2021 to March 2022 upside.

However, the receding bearish bias of the MACD and the quote’s ability to stay successfully above the 50-DMA, as well as an upward sloping support line from late January, near $95.00-94 of late, keep the buyers hopeful.

Ahead of the $94.00 support, a monthly horizontal area between $100.00 and $101.00 will challenge the bears.

On the contrary, a clear upside break of the aforementioned Fibo level surrounding $111.50 could quickly jump to the early month peak near $114.50.

Following that, the $120.00 round figure and the monthly high of $126.51 should be eyed during the further upside momentum.

WTI: Daily chart

Trend: Further upside expected