WTI Crude Oil Stays Above Triple Bottom – Can it Fill the Gap? - Forex News by FX Leaders
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WTI Crude Oil Stays Above Triple Bottom – Can it Fill the Gap?

Posted Wednesday, December 5, 2018 by
Arslan Butt • 1 min read

Fellas, crude oil is forming a very interesting pattern on the on the 4-hour chart and that’s a triple bottom setup which is supporting it near $51.95. What’s more interesting is, on Monday, the WTI crude oil opened with a massive gap amid G20 Summit and the gap has not been filled yet.

What’s there for us?
Typically, the market fills the gap on the same day or in the coming days, but this opportunity is still not filled. So, here’s what we can expect from oil today.

  • Crude oil can continue trading bullish above $52 with a target of $53.45 and $54.
  • Conversely, the bearish breakout of triple bottom support $52 can extend a bearish rally until $51.52 and even below this.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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