Oil chart Oil will test bottom and then Oil will be set up to rally through the summer which is almost here as we plug through May. When Oil hit $65 because of SVB I said that we would return to test it again and this is happening as clockwork but the minute Oil reverses this trend Oil will head toward $90.
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.