Symmetrical triangle on oil

WTI oil has entered a consolidation during the past few weeks as shown on the 4 hour chart and forms what it appears to be a symmetrical triangle. The 55 period EMA, purple line, is practically horizontal, showing us that there is no clear trend on oil at the moment. The symmetrical triangle pattern forms when the price consolidates and starts narrowing its range with lower highs and higher lows, forming a triangle. From the current levels the price may head in any direction, which is why the best thing to do is to wait for a real confirmation of a breakout, either to the upside or to the downside. To the upside, a breakout above the 54.00 level should be confirmed before trying a long entry. In such case, the price of oil may try to reach the 55.20 level. To the downside, we should wait for a breakdown below the 52.00 level, which could take the price to the 50.00 level.