Oil Market Shift: Double Bottom Pattern Points to Higher Prices
- WTI oil has moved beyond its previous support level of $72 to $73, established a new base at approximately $65.6.
- Subsequently, the price has entered a consolidation phase and formed a Double Bottom pattern, indicating a possible reversal in trend.
- To initiate a swift upward movement, the price must overcome the immediate resistance located between $72.6 and $73.4.
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