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WTI Crude Oil Rebounds After Double Bottom Pattern

Posted On 30 Apr 2020
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wti crude oil

WTI crude oil prices are up over 22% on an intraday basis. This follows a strong recovery from the 10.58 level of support.

Price action fell back to this level to form a double bottom pattern. With the support area holding strong, prices are moving higher.

However, only on a successful breakout above 17.80 will this bullish pattern be validated.

With prices showing some early signs of fading momentum, a lot will depend on whether or not oil prices can close above the 17.80 handle.

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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