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Oil Prices Slip Below $33.66 Once Again

May 29 2020, 07:16 PM (BDT) |

wti crude oil

WTI Crude oil prices are finding it difficult to break past the 33.66 level.

After briefly trading above this level, oil prices are back below this handle once again.

But as a result, a soft double bottom pattern is forming near 31.72. This puts the upside bias toward a target of 37.00.

Given that oil prices remain vulnerable to the fundamentals, there is potential that prices could pullback lower.

Furthermore, prices have failed to establish any lower support which also adds to this view.

Therefore, if oil fails to breakout above 33.66, then we could see the downside risks building up.

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