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WTI – Did WTI Just Bottom? (Monthly Chart)
Selling off 9 of the last 12 months, WTI Oil has hit the 2008 spike lows around 37/38. Within 12 hours after touching this level, the commodity formed a double bottom and has since spiked over $7-8 higher. The question on many traders minds now are, “Did WTI just bottom?”
There is certainly cause for believing that as this is one impressive bounce. At the very minimum, we are seeing a short squeeze in play here and likely some major profit taking from any shorts in play from last week.
The commodity does face some important resistance ST around 46.50 which is a key role reversal level (blue line on chart). If …... Keep reading