WTI Crude Oil Consolidates in Symmetrical Triangle Pattern
The price of WTI crude oil is currently consolidating in a symmetrical triangle pattern after reaching an all-time high around $88.50.
The converging trend lines indicate a period of indecision between buyers and sellers, with the $81.00 handle being a crucial level to watch.
Fibonacci retracement analysis suggests that dip buyers could step back in at the 38.2% level ($83.08) or the 50% Fib level ($81.40), which also coincides with the 100 SMA.
A deeper pullback could reach the 61.8% Fib level ($79.73), close to where the lower triangle trend line and 200 SMA are converging, potentially serving as a key support level.
The path of least resistance remains tilted to the upside due to the 100 SMA still being above the 200 SMA, despite the recent pullback in price.