WTI Crude oil prices are up nearly 12% on the day. It was the fourth consecutive session of gains.
With the price level at 17.80 being cleared, crude oil prices could be likely targeting the double bottom pattern’s target price of 25.00.
However, any short term declines will come at a risk of prices retesting the 17.80 level.
As long as support holds up, the upside bias remains in play.
In the event that oil prices slip below 17.80, we expect the double bottom pattern to be invalidated.