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.