WTI Price Analysis: Oil teases breakout from a narrowing price range

WTI's 4-hour chart shows a symmetrical triangle breakout.
A re-test of December highs could be in the offing.

Omkar Godbole FXStreet Contributor

West Texas Intermediate (WTI), a North American oil benchmark, is currently trading at $48.75 per barrel, representing a 0.54% gain on the day.

The 4-hour chart shows WTI has broken out of a narrowing price range represented by trendlines connecting Dec. 18 and Dec. 28 highs and Dec. 1 and Dec. 23 lows.

The breakout is backed by an above-50 or bullish reading on the 4-hour chart Relative Strength Index (RSI). The daily chart RSI is also biased bullish.

As such, the December high of $49.43 could come into play. On the downside, the trendline rising from Dec. 1 lows is the level to beat for the sellers.

4-hour chart

Trend: Bullish

Technical levels

WTI

Overview
Today last price	48.75
Today Daily Change	0.36
Today Daily Change %	0.54
Today daily open	48.5

Trends
Daily SMA20	47.62
Daily SMA50	43.93
Daily SMA100	42.28
Daily SMA200	37.99

Levels
Previous Daily High	48.53
Previous Daily Low	48.43
Previous Weekly High	49
Previous Weekly Low	47.57
Previous Monthly High	49.43
Previous Monthly Low	44.01
Daily Fibonacci 38.2%	48.47
Daily Fibonacci 61.8%	48.49
Daily Pivot Point S1	48.44
Daily Pivot Point S2	48.38
Daily Pivot Point S3	48.33
Daily Pivot Point R1	48.54
Daily Pivot Point R2	48.59
Daily Pivot Point R3	48.65

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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