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