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
Reprinted from FXStreet,the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.