Research Team at Societe Generale, suggests that WTI is likely to form a hammer and closing price of this month should be watched. Key Quotes “It has tested the lower limit of a massive descending channel (line chart) at 26.00/25.00 which will remain a key support. Dropping down to daily chart of April’16 expiry, WTI is evolving within a probable double bottom at 28.70. Confirmation level for the pattern is at 35/36 which also corresponds with the 61.8% retracement since January highs. Daily RSI has been diverging positively which indicates possibility of continuation in recovery. A break above 35/36 will spark increased positive signals and take WTI towards 39 with possibility to reach 42/43, projected potential of the pattern.” For more information, read our latest forex news.