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.
Therefore, watch for a strong bearish close near 25.00.
This will see the previous resistance level of 17.80 being tested for support.