Double top on oil is still possible

WTI Oil stays around the 200 day exponential moving average, around the 41.99 level. On the daily chart we can see that the price of oil had already touched that moving average and has bounced to the downside. On the current visit, the price may try to bounce once again to the downside, possibly forming a double top pattern. The double top pattern is a bearish-reversal pattern, therefore oil may go back down. Fundamentally, we need to see some pick up in oil demand and a cut in production in order for crude to go higher and maybe reach the 44 dollars per barrel level. To the downside, the 40.00 level may act as a temporary support, but the 37.00 level may act as a more important support for oil.