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WTI Crude Oil Price Remains Volatile

Posted On 29 Apr 2020
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wti crude oil

Crude oil prices are down close to 5% on the day following a 24.8% decline from the day before.

Price action in WTI continues to remain volatile and erratic. However, prices are now back near the previously held support of 10.58.

This marks a potential double bottom technical pattern. With the upper range at 17.80, a successful breakout could trigger further gains.

The minimum upside from the double bottom pattern is at 22.00.

There is also a risk that prices could breakdown off the support level which could see prices inching back to single digits.

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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