WTI Price Analysis: Bulls and bears in a tight spot, breakout imminent

• WTI bears in the market looking for a break of structure.
• The market s coiled and a breakout could be imminent. 

West Texas Intermediate crude has been edging down in light holiday trade with a focus now on the OPEC+ ministers meeting. Technically, the price is coiling and a breakout could be imminent as the following will illustrate, 

WTI daily charts

On the daily chart, the price has been building within a triangle and is now coiled in a tight range below $74.00 resistance. A break of structure oin the downside will needed to confirm a bearish bias.

WTI H4 chart

The 4-hour chart shows $72.00 as a key level as a structural point that meets the trendline support as well. Bears could well be encouraged at that juncture to commit to the move.