Painting a W Bottom
The WTI chart seems painting a W Bottom. It could test the region of 44’s, it could shot up from here to higher prices, or it could drop below the 44 region. However, I my view the risk in on the Shorts.
There are too many fundamental signals that this price depression has annoyed the majors to a point of action.
Technically, a W shape (double bottom] is a good indicator of a significant change in direction.