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.

AUD/USD keeps range near mid-0.7100s as USD bulls await US CPI

AUD/USD steadies near mid-0.7100s in the Asian session on Friday, stalling the previous day's sharp decline to an over one-week low. The August PPI report reaffirmed Fed rate-hike bets and boosted the US Dollar on Thursday, which weighed heavily on the pair. However, hawkish RBA expectations limited losses for the Aussie as USD bulls now await the release of the US consumer inflation figures before placing fresh bets.

USD/JPY holds lower ground toward 154.00; looks to US CPI

USD/JPY holds lower ground toward 154.00 in the Asian session on Friday after hot Japanese PPI data bolster a more hawkish BoJ repricing and provide fresh impetus to the Japanese Yen. However, the downside appears capped as the US Dollar preserves overnight gains ahead of the latest US consumer inflation data.

Gold moves away from one-week low, climbs above $4,450 as USD edges lower ahead of CPI

Gold builds on its modest intraday recovery from the $4,300 neighborhood, or a one-and-a-half-week low, touched earlier this Friday, and climbs above $4,350 heading into the European session. The upside potential, however, seems limited as traders opt to wait for the release of US consumer inflation figures before placing directional bets.

Cardano approaches critical support as correction risks grow

Cardano (ADA) recovers slightly, trading at $0.206 at the time of writing on Friday, inches above the critical support zone after losing more than 6% so far this week. Weakening derivatives data and fading bullish momentum suggest a bearish near-term outlook, with a decisive close below the support zone potentially triggering a deeper correction for ADA.

US core CPI data set to ease in August as markets reprice Fed September rate decision

The US Bureau of Labor Statistics will publish the August Consumer Price Index data on Friday. The report is expected to show a small decline in annual core inflation. Any divergence from analysts’ estimates could influence the Federal Reserve’s policy outlook and impact the US Dollar’s valuation.

Venezuela’s 65-billion-barrel Oil deal could reshape America’s inflation fight

The United States (US) has secured unprecedented access to part of Venezuela’s vast Oil reserves. The timing is particularly significant as the war with Iran is disrupting Middle Eastern supplies, keeping energy prices elevated and reviving concerns about inflation.