WTI crude (USOIL) is consolidating inside a symmetrical triangle, signaling a period of compression before a likely breakout. The 4-hour chart shows resistance at $62.57 and support near $60.05, creating a tight range that reflects uncertainty ahead of the OPEC meeting.
The 20-period EMA, now flattening near $61.25, marks the equilibrium point between buyers and sellers. Recent Doji and spinning top candles show hesitation, while a series of higher lows from the late-October bottom near $55.96 indicates gradual bullish buildup.
The RSI at 50.9 suggests a neutral yet improving sentiment, and Fibonacci retracements confirm price strength above the 38.2% level at $60.05. If WTI breaks above $62.57, traders could see a push toward $63.68 and $65.00, both key resistance zones. Conversely, a drop below $60.00 could trigger a retracement toward $58.50 and $57.40.
