WTI Price Analysis: Oil teases breakout from a narrowing price range

• WTI's 4-hour chart shows a symmetrical triangle breakout. 
• A re-test of December highs could be in the offing. 

West Texas Intermediate (WTI), a North American oil benchmark, is currently trading at $48.75 per barrel, representing a 0.54% gain on the day. 

The 4-hour chart shows WTI has broken out of a narrowing price range represented by trendlines connecting Dec. 18 and Dec. 28 highs and Dec. 1 and Dec. 23 lows. 

The breakout is backed by an above-50 or bullish reading on the 4-hour chart Relative Strength Index (RSI). The daily chart RSI is also biased bullish. 

As such, the December high of $49.43 could come into play. On the downside, the trendline rising from Dec. 1 lows is the level to beat for the sellers.

4-hour chart

Trend: Bullish

Technical levels