- WTI’s 4-hour chart shows a symmetrical triangle breakout.
- The breakout is backed by a bullish crossover of key averages.
The West Texas Intermediate’s (WTI) front-month contract is currently trading around $27.95, having faced rejection above $28.20 during the overnight trade.
The bias remains bullish, as the symmetrical triangle breakout confirmed on the 4-hour chart on Thursday is still valid. The pattern indicates the rally from lows below $10 observed last month has resumed.
Further, the 4H 100-candle average has crossed above the 200-candle average. As a result, a rally to $30 cannot be ruled out.
The bullish case would be invalidated if prices fall back into the symmetrical triangle.
Hourly chart
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Trend: Bullish
Technical levels
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