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.