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.
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
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