WTI Crude Oil Forms Symmetrical Triangle Amid Geopolitical Uncertainty
WTI crude oil is currently trading in a symmetrical triangle pattern, with a descending trend line connecting its lower highs since the spring high near $93 and a rising trend line connecting the higher lows off the July bottom around $68.
The price recently bounced off the triangle's ascending support and is now moving higher towards the upper boundary near $83.50, currently trading at around $82.32.
This upper trend line also lines up with the 61.8% Fibonacci retracement of the swing from the July low to the August high, plotted at roughly $83.45, which adds weight to this zone as potential resistance.
A rejection here could send price back down to retest the 50% Fibonacci near $80.50 or the 38.2% level around $77.55, both of which sit close to the rising triangle support and the 200 SMA.
The 100 SMA has climbed above the 200 SMA, reflecting the shift in momentum since the July low, with price holding above both moving averages to suggest they could continue acting as dynamic support on pullbacks.