Oil Market Shift: Double Bottom Pattern Points to Higher Prices

3 oct

• 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.