WTI Crude Oil Consolidates Inside Symmetrical Triangle

WTI crude oil has found support near $78.56 as bullish momentum strengthens, but a symmetrical triangle leaves the near-term breakout direction uncertain.

The higher swing low established this week suggests underlying strength in the market, with technical indicators pointing to a move higher. The 20-day moving average provided support, while the 61.8% Fibonacci retracement was close to completing.

Despite failing to hold gains at $86.53 on Thursday, crude oil advanced to a four-day high, and its full range remained above the 50-day moving average for the first time in four days.

The successful test of support at the 20-day moving average reinforces short-term bullish momentum, while reclaiming the 50-day moving average suggests an intermediate trend strengthening.