Wednesday, May 6, 2020 4:06 AM EDT
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 might 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.
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Disclaimer: Orbex LIMITED is a fully licensed and Regulated Cyprus Investment Firm (CIF) governed and supervised by the Cyprus Securities and Exchange Commission (CySEC) (License Number 124/10). Orbex LIMITED is licensed to provide Investment Services (Reception & Transmission, Execution and Dealing on own account) and Ancillary Services.
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