WTI crude oil has staged an impressive breakout from a symmetrical triangle pattern on the short-term time frame, signaling that bullish momentum could be gathering steam after weeks of consolidation.

Price has surged from the triangle’s apex near the $86.50 swing low and is currently trading around $101.49, well above the formation’s boundaries.

However, the rally appears to be running into some resistance near the $107.13 level — marked by the 0% Fibonacci level — which could prompt a healthy pullback before buyers are ready to push higher again. The Fibonacci retracement tool highlights the key levels where fresh buying interest could emerge on any dip.

The 38.2% Fib sits at $99.25, representing the nearest potential support on a shallow correction. A deeper pullback could find footing at the 50% level at $96.81, while a more significant retracement could stretch toward the 61.8% Fib at $94.38, which aligns closely with the broken triangle resistance now acting as support. The full swing target at $86.50 serves as the line in the sand for the broader bullish thesis.

On the moving averages front, the 100 SMA remains below the 200 SMA, suggesting the longer-term trend still carries some bearish undertones. That said, the gap between the indicators appears to be narrowing, and a bullish crossover could further validate the breakout’s staying power if price holds above the key Fibonacci levels.

Stochastic has surged into overbought territory following the sharp advance, and the lines appear to be curling lower, hinting that a near-term pullback is becoming increasingly likely. RSI has climbed strongly but is also approaching overbought conditions, suggesting buyers may need a breather before the next leg higher materializes.

If any of the Fibonacci retracement levels manage to attract buyers and hold as support, WTI crude could set its sights on a renewed push toward the $107.13 swing high and potentially beyond. Geopolitical headlines and supply outlook could continue to shape crude oil price trends.