WTI Price Analysis: Sees a big technical breakout ahead of OPEC+ meeting

• WTI hits the highest level since October 2018, $75 within reach.
• The US oil sees a symmetrical triangle breakout on the 4H chart.
• WTI’s additional upside depends on the OPEC+ outcome.

After a brief corrective pullback on Wednesday, WTI (futures on NYMEX) bulls are back in the game and drive the price back to the highest levels since October 2018 above $74.50.

The black gold accelerates its upside in anticipation of the outcome of the all-important OPEC and its allies (OPEC+) meeting, in which the alliance would decide on whether to maintain or reduce supply cuts in the second half of the year.

From a near-term technical perspective, WTI has dived out of a symmetrical triangle formation on the four-hour chart, awaiting confirmation for an upside breakout on a four-hourly candlestick closing above pattern resistance at $73.65.

At the press time, WTI rises 1.30% on the day to trade at $74.41, looking to conquer the $75 threshold. The Relative Strength Index (RSI) points north above the midline while below the overbought territory, suggesting that the bullish momentum could likely remain intact.

WTI four-hour chart

Any retracement could meet initial demand at the pattern resistance now support at $73.65, below which the confluence of the 21 and 50-Simple Moving Averages (SMA) at $73.10 will get challenged.

If the selling pressure intensifies, bears could then target the triangle support at $72.86.

WTI additional levels