WTI Price Analysis: Oil trapped in a pennant pattern on 1H

WTI's hourly chart shows a pennant pattern or contracting triangle.
A breakdown would signal bearish continuation and expose June lows.

Omkar Godbole FXStreet Contributor

West Texas Intermediate (WTI) crude has carved out a narrowing price range or pennant pattern on the hourly chart.

The upper end of the pennant pattern is currently seen at $37.37. A breakout above that level would mean the sell-off from the August high of $43.78 has ended, and the bulls have regained control.

Alternatively, a move below the lower end of the pennant, currently at $36.92, would imply a continuation of the sell-off from August's high and expose deeper support levels lined up at $34.36 (June 15 low).

At press time, a barrel of WTI is changing hands near $37.30.

Hourly chart

Trend: Bearish below $36.92

Technical levels

WTI

Overview
Today last price	37.30
Today Daily Change	0.03
Today Daily Change %	0.08
Today daily open	37.51

Trends
Daily SMA20	41.13
Daily SMA50	41.27
Daily SMA100	37.37
Daily SMA200	41.3

Levels
Previous Daily High	37.93
Previous Daily Low	37.08
Previous Weekly High	39.78
Previous Weekly Low	36.43
Previous Monthly High	43.86
Previous Monthly Low	39.75
Daily Fibonacci 38.2%	37.4
Daily Fibonacci 61.8%	37.6
Daily Pivot Point S1	37.08
Daily Pivot Point S2	36.66
Daily Pivot Point S3	36.24
Daily Pivot Point R1	37.93
Daily Pivot Point R2	38.35
Daily Pivot Point R3	38.78

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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