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WTI Price Analysis: Oil teases breakout from a narrowing price range

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  • 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

WTI Price Analysis: Oil teases breakout from a narrowing price range

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

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