WTI technical analysis: On the verge of a breakout

From a technical standpoint, WTI is being squeezed into a tight spot and a break-out is due either side of the 58 handle. Price continues to trade between the 38.2% Fibo of the daily swing lows and highs and around the 20, 50 and 200 Experiential Moving Averages. On a break to the upside, beyond the trend line resistance, prices can rise to 60 level. Below the weekly lows at 56.77, the 52 handle and then the 14th Jan 50.41 lows ahead of the 26th November lows at 49.44 are in sight. 

Daily chart

WTI levels