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.

EUR/USD climbs to daily highs near 1.1820

EUR/USD now picks up pace and advances to the area of daily peaks north of the 1.1800 barrier at the end of the week. The pair’s decent move higher comes against the backdrop of a generalised lack of direction in the FX galaxy and the mild offered stance in the US Dollar.

GBP/USD trims losses, retests 1.3460

After briefly challenging its key 200-day SMA near 1.3440, GBP/USD now manages to regain some balance and revisit the 1.3460 zone on Friday. Cable’s pullback comes as the selling pressure on the Greenback gathers traction, reigniting some recovery in the risk-linked space.

Gold flirts with four-week highs past $5,200

Gold extends its rebound, climbing for a third consecutive session and pushing back above the $5,200 mark per troy ounce on Friday. The move higher continues to draw support from lingering geopolitical tensions and the ongoing uncertainty surrounding US trade policy, both of which are keeping safe-haven demand firmly in play.

Bitcoin, Ethereum and Ripple consolidate with short-term cautious bullish bias

Bitcoin, Ethereum and Ripple are consolidating near key technical areas on Friday, showing mild signs of stabilization after recent volatility. BTC holds above $67,000 despite mild losses so far this week, while ETH hovers around $2,000 after a rejection near its upper consolidation boundary.

Changing the game: International implications of recent tariff developments

The Supreme Court ruling on International Emergency Economic Powers Act (IEEPA) tariffs provides limited relief for the rest of the world, with weighted average tariff rates modestly lower.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.