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  • 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

Trend: Neutral

Technical levels