WTI Crude Oil (USDWTI) has been consolidating after it tagged a high on the year at 51.64. Since then it has been forming a descending triangle. WTI Crude Oil - A Descending Triangle in the Making USDWTI 4H Chart 7/5(click to enlarge)- The 4H chart shows a consolidation pattern with lower highs, and a flat low at 46.85. - Look for price to test the 45.85 low again. - If price breaks below 45.85, look for WTI Crude to slide towards the 42.50-43 support/resistance pivot area. - At this point, a break above 50.00 will be needed open up the bullish scenario. The scenario now is sideways, with a slight bearish bias. - In the near-term, if price bounces but finds resistance at 48-48.50, the bearish scenario would be even more likely.