Crude Oil Double Bottom?
Crude Oil futures would form a bullish double bottom pattern if it can close above 79.96 on its continuation chart. Its minimum upside target would be around 83.30. Further supporting this upside move is that this potential pattern is forming in a volume profile support zone, near its 200 EMA, and near its monthly S2 pivot. Additionally, there is bullish divergence on the RSI and the MACD is close to a bullish crossover. I recently wrote about this market's upside resistance zones that played out nicely. I think an upside pop will too.
On the date of publication, Thomas Bills did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
