Double Bottom @ $75 for Oil could be bullishOil has now created a double bottom at $75 and usually, the next trend should be bullish heading higher but I worry about tomorrow's API Oil Stock numbers which are released after the markets close, and if API comes in with a higher number from -5.83 that could be bearish for Oil so Wed will be a really interesting day with all the US Data being released so just be prepared for volatility and if Oil survives and starts to head higher then today is a perfect time to buy cheaper shares.
A double bottom looks similar to the letter W and indicates when the price has made two unsuccessful attempts at breaking through the support level. It is a reversal chart pattern as it highlights a trend reversal. After unsuccessfully breaking through the support twice, the market price shifts towards an uptrend. 