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WTI Crude Oil - Topping and Triangle Resistance

This week, WTI found resistance at 104.50. After falling below 103.50, a price top was formed as you can see in the 4H chart.


(WTI Crude 4H Chart)

When price hit the 102.60-65 level, which was a previous resistance, WTI Crude found support followed by a pullback.

If the current pullback stays south of 104, and the 4H RSI holds below 60, we can have more confidence on the bearish outlook.

The bearish outlook is reinforced by the fact that price topped at a triangle resistance.


(WTI Crude Daily Chart)

WTI Crude rallied to start the year, but has been trading in a triangle since hitting 105.22 high on the year in March. If the consolidation mode persists, there is downside toward the 100-101 support area. 100 will be a key support level. A break below that opens up the 97.00 pivot, and possible the 91.50-92.50 support.

If price however pushes above 104.00, then the focus remains on the triangle resistance and high in the 105-105.22 area.

A break above 105.30 opens up the 108.90-109 area and the 112.22, 2013-high.