WTI Price Analysis: Bulls and bears in a tight spot, breakout imminent

WTI bears in the market looking for a break of structure.
The market s coiled and a breakout could be imminent.

Ross J Burland FXStreet

West Texas Intermediate crude has been edging down in light holiday trade with a focus now on the OPEC+ ministers meeting. Technically, the price is coiling and a breakout could be imminent as the following will illustrate,

WTI daily charts

On the daily chart, the price has been building within a triangle and is now coiled in a tight range below $74.00 resistance. A break of structure oin the downside will needed to confirm a bearish bias.

WTI H4 chart

The 4-hour chart shows $72.00 as a key level as a structural point that meets the trendline support as well. Bears could well be encouraged at that juncture to commit to the move.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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