Crude Oil 4h time frame , potential double bottom

🛢️ WTI Crude Oil (WTI3!) 4H Chart Analysis – May 5, 2025
🧠 Technical Snapshot:
Market Structure:

Clear downtrend from late April into early May.

Price recently found support at $54.38, a level that previously held as demand in early April.

Current Price Action:

Strong bullish reaction from the $54.38–54.16 zone.

Breakout attempt forming a higher low after retesting the lows, suggesting a potential bullish reversal or range play.

Trade Setup Observed:

Entry: ~$56.08

Stop-Loss: ~$54.17

Take-Profit: ~$63.50

Risk-to-Reward: ≈ 1:3.5 — excellent setup from a reward perspective.

🔍 Bias: Bullish (Short-term to Mid-term Reversal)
Why?

Price bounced from key support zone where price also previously reversed in early April.

Bullish engulfing candle suggests buyer interest.

Entry aligned with a potential double-bottom formation.

📍 Key Technical Levels:
Support:

$54.38 (Major swing low support)

$54.16 (Stop zone)

Resistance:

$63.50 (Major horizontal resistance zone)

Above $63.50 = Potential trend reversal confirmation

🔔 Strategy Suggestion:
A pullback entry toward $55.50–$56.00 may offer a better risk-adjusted entry.

Close partial profits near $60.00 if momentum slows before final TP.