WTI Crude oil rebounds after double bottom pattern

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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.

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