- WTI has carved out a triangle pattern on the 4-hour chart.
- A breakdown would imply a short-term bearish reversal.
West Texas Intermediate (WTI) crude, the North American oil benchmark, is currently trading at $46.82, representing a 0.38% decline on the day.
The 4-hour chart shows oil is trapped in a contracting triangle with resistance, currently at $47.37, and support at $45.78.
A breakout would imply a continuation of the broader uptrend from lows below $34 seen in early November and expose resistance at $49.31 (February low).
Alternatively, a triangle breakdown would imply a short-term bullish-to-bearish trend change and open the doors for a notable pullback.
4-hour chart
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Trend: Neutral
Technical levels
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