WTI is at its highest level since October, with $75 on the horizon.
On the 4H chart, US oil shows a symmetrical triangle breakout.
WTI’s additional upside is contingent on the result of the OPEC+ meeting.
WTI (futures on NYMEX) bulls are back in the game after a minor corrective drop on Wednesday, driving the price back to the best levels since October 2018 above $74.50.
The black gold is surging higher in anticipation of the conclusion of the crucial OPEC and its allies (OPEC+) meeting, at which the group will decide whether to keep or lower supply curbs in the second half of the year.
WTI has broken out of a symmetrical triangle formation on the four-hour chart, and is looking for confirmation of an upside breakout on a four-hourly candlestick closing above pattern resistance at $73.65.
WTI is up 1.30 percent on the day to $74.41 as of press time, aiming to break through the $75 barrier. The Relative Strength Index (RSI) is pointing north above the midline but remaining below overbought zone, indicating that bullish momentum is likely to continue.
Any retracement may meet initial demand at the pattern resistance, which is now support at $73.65, below which the confluence of the 21 and 50-Simple Moving Averages (SMA) at $73.10 would be tested.
Bears could target the triangle support at $72.86 if selling pressure increases./n
