WTI Price Analysis: Retraces from $59.80 amid a potential symmetrical triangle breakout


  • WTI trades below $59.70, the ascending trendline on the 4H chart.
  • A symmetrical triangle points toward a bearish breakout.
  • However, neutral momentum oscillator warrants caution for aggressive bids.

WTI trades with a softer tone on Monday following the previous week’s subdued price action. Crude oil moves in a narrow trade band where lows are restricted around the $59.10 neighborhood and the highs near the $59.75 region.

At the time of writing, the US oil is trading at $59.34, up 0,07% on the day.

WTI Four-hour chart

On the four-hourly chart, the formation of a symmetrical triangle suggests that a breakout could happen on either side of the cross. However, the bias remains to the downside. The price is just placed above the 20-hour simple moving average (SMA).

On the downside, the price would move towards the $58.75 horizontal support level first and then it could find the next support near $57.63. This would also coincide with the breach of the ascending trendline further opening the path towards weekly lows near the $57.65 level.

The Moving Average Convergence Divergence (MACD) momentous oscillator reads below the midline with a bullish crossover, which throws some caution for the bears.

On the flip side, if the price is starting to move beyond the 20-hour SMA, which is placed at $59.50, then it would negate the possibility of a bearish breakout, pushing the prices toward a $60.25 horizontal resistance zone. The next hurdle appears to be last week’s tops of $61.50.

WTI additional levels

WTI

Overview
Today last price 59.30
Today Daily Change -0.05
Today Daily Change % -0.08
Today daily open 59.39
 
Trends
Daily SMA20 60.98
Daily SMA50 60.47
Daily SMA100 54.58
Daily SMA200 47.59
 
Levels
Previous Daily High 59.94
Previous Daily Low 59.13
Previous Weekly High 61.41
Previous Weekly Low 57.66
Previous Monthly High 67.87
Previous Monthly Low 57.27
Daily Fibonacci 38.2% 59.44
Daily Fibonacci 61.8% 59.63
Daily Pivot Point S1 59.03
Daily Pivot Point S2 58.68
Daily Pivot Point S3 58.22
Daily Pivot Point R1 59.85
Daily Pivot Point R2 60.3
Daily Pivot Point R3 60.66

 

 

 

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