Oil prices have posted a remarkable rebound.
Friday’s price action saw WTI crude oil posting modest gains, rising above the 17.80 handle.
This qualifies the double bottom pattern near the 10.58 level.
As long as prices remain above the 17.80 level, we expect oil prices to continue to drift higher.
The next target is at 25.00 on a bullish follow-through.
But watch for a potential bullish trap in case crude oil slips back below the 17.80 level if it fails as support.