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WTI Crude Oil Rally Continues For The Fourth Consecutive Session

Posted On 05 May 2020
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WTI Crude oil prices are up nearly 12% on the day. It was the fourth consecutive session of gains.

With the price level at 17.80 being cleared, crude oil prices could be likely targeting the double bottom pattern’s target price of 25.00.

However, any short term declines will come at a risk of prices retesting the 17.80 level.

As long as support holds up, the upside bias remains in play.

In the event that oil prices slip below 17.80, we expect the double bottom pattern to be invalidated.

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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