WTI Oil Prices Consolidate in Symmetrical Triangle

WTI crude oil prices are consolidating within a symmetrical triangle on the weekly time frame, compressing between a descending trend line and an ascending trend line. The price recently pulled back from the upper boundary near $90.00, which coincided with the 100 SMA, and is now drifting lower towards converging support levels around $80.00.

According to technical analysis, if the triangle's lower boundary holds between $75.00 to $78.00, WTI could stage a bounce back up to retest the upper trend line or the 100 SMA resistance overhead. This would keep the pattern intact and possibly set the stage for a more decisive breakout later on.

However, a clean break below the rising support line could confirm a bearish resolution to the triangle, opening the door to a measured move selloff that could carry oil back to the $65.00 to $68.00 zone.