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WTI Crude Completes Double Bottom Target

Posted On 06 May 2020
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wti crude oil

WTI crude oil prices are up for the fifth consecutive session. As a result, the rally in oil prices saw them trading near the 25.00 level.

This marks the completion of the double bottom pattern after a successful rebound.

With prices now at the level of 25.00, we could expect a pullback. This can also be seen from the bearish divergence on the Stochastics oscillator.

Therefore, watch for a strong bearish close near 25.00.

This will see the previous resistance level of 17.80 being tested for support.

About the Author
“John Benjamin Resident Analyst at Orbex. John has over 8 years of experience specializing in the currency markets, tracking the macroeconomic and geopolitical developments shaping the financial markets. John applies a mix of fundamental and technical analysis and has a special interest in inter-market analysis and global politics.” [space height="10"] At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading. Please Director at Visit our site for more details.

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