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WTI Crude Oil - Double Bottom Attempt

WTI Crude Oil prices have been falling from the 2014-high of 107.56 in June, to 90.43 low in September, which is also the new low on the year. 

In the past couple of weeks, we saw oil bounce up from 90.43, and then retreating from 95.20. This shows some choppiness, but still maintains a pattern of lower highs and lower lows. Well, the lower low part is suspended right now, as price found support at 90.43 again. 

(WTI Crude Oil Daily Chart)

As price rallies from 90.43, it looks like a double bottom attempt. If we can push above this week's high so far at 92.13, we have a better chance at pushing toward 95.20, the double bottom resistance. 

A break above 95.20 would complete a double bottom and shift oil from bearish to neutral and maybe neutral-bullish. The bullish outlook would be limited for now until a break above the falling trendline. However, even a break above 96.00, which clears the 50-day SMA and a previous resistance, should give the bullish outlook more confidence, especially if the daily RSI can push above 60 to show loss of bearish momentum.