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Double Bottom on Daily Chart of WTI Crude Oil as of 2019-06-16

June 16, 2019 at 21:08 by Vladimir Vyun

A double bottom pattern has formed on the daily chart of WTI crude oil. The pattern forms after prices test a support level and fail to break it. It is a reversal pattern, which promises a rally after a period of a downside movement.

On the present chart, the yellow lines form the pattern. The bottom line shows the support level, which prices failed to breach. The top line is situated at the high of the rally, which happened after the first test of the support level. The cyan line is plotted at the 10% of the pattern’s width above the top border of the pattern and offers an entry point for long positions for those traders, who are willing to make bullish bets on crude. The green line is placed at the pattern’s width above the top border of the pattern and provides a profit-taking objective for bulls.

You can click on the image to see a full-size version:

The chart was built using the ChannelPattern script. You can download a MetaTrader 4 chart template for this crude oil pattern. You can also trade it using the free Chart Pattern Helper EA.

If you have any questions or comments regarding this double bottom pattern on the chart of crude oil, please feel free to submit them via the form below.

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