WTI Crude Completes Double Bottom Target

May 6, 2020

By Orbex

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.

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Therefore, watch for a strong bearish close near 25.00.

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

By Orbex