WTI Price Analysis: Consolidating in a narrowing price range

WTI has carved out a triangle pattern on the 4-hour chart.
A breakdown would imply a short-term bearish reversal.

Omkar Godbole FXStreet Contributor

West Texas Intermediate (WTI) crude, the North American oil benchmark, is currently trading at $46.82, representing a 0.38% decline on the day.

The 4-hour chart shows oil is trapped in a contracting triangle with resistance, currently at $47.37, and support at $45.78.

A breakout would imply a continuation of the broader uptrend from lows below $34 seen in early November and expose resistance at $49.31 (February low).

Alternatively, a triangle breakdown would imply a short-term bullish-to-bearish trend change and open the doors for a notable pullback.

4-hour chart

Trend: Neutral

Technical levels

WTI

Overview
Today last price	46.82
Today Daily Change	-0.12
Today Daily Change %	-0.25
Today daily open	47.1

Trends
Daily SMA20	44.88
Daily SMA50	41.83
Daily SMA100	41.38
Daily SMA200	36.66

Levels
Previous Daily High	47.56
Previous Daily Low	45.87
Previous Weekly High	47.85
Previous Weekly Low	45.1
Previous Monthly High	46.31
Previous Monthly Low	33.85
Daily Fibonacci 38.2%	46.92
Daily Fibonacci 61.8%	46.52
Daily Pivot Point S1	46.12
Daily Pivot Point S2	45.15
Daily Pivot Point S3	44.43
Daily Pivot Point R1	47.82
Daily Pivot Point R2	48.54
Daily Pivot Point R3	49.51

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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