- WTI hits the highest level since October 2018, $75 within reach.
- The US oil sees a symmetrical triangle breakout on the 4H chart.
- WTI’s additional upside depends on the OPEC+ outcome.
After a brief corrective pullback on Wednesday, WTI (futures on NYMEX) bulls are back in the game and drive the price back to the highest levels since October 2018 above $74.50.
The black gold accelerates its upside in anticipation of the outcome of the all-important OPEC and its allies (OPEC+) meeting, in which the alliance would decide on whether to maintain or reduce supply cuts in the second half of the year.
From a near-term technical perspective, WTI has dived out of a symmetrical triangle formation on the four-hour chart, awaiting confirmation for an upside breakout on a four-hourly candlestick closing above pattern resistance at $73.65.
At the press time, WTI rises 1.30% on the day to trade at $74.41, looking to conquer the $75 threshold. The Relative Strength Index (RSI) points north above the midline while below the overbought territory, suggesting that the bullish momentum could likely remain intact.
WTI four-hour chart
Any retracement could meet initial demand at the pattern resistance now support at $73.65, below which the confluence of the 21 and 50-Simple Moving Averages (SMA) at $73.10 will get challenged.
If the selling pressure intensifies, bears could then target the triangle support at $72.86.
WTI additional levels
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