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Oil double bottom may go bottoms up

A view of a petrochemical complex in Assaluyeh on Iran's Persian Gulf coast.
Morteza Nikoubazl | Reuters

The chart in oil prices is getting a lot of people talking positively about crude. In January, WTI oil prices fell to around the mid-$40s and rebounded. It did it again this month, forming the much-ballyhooed "double bottom."

While this pattern is widely followed for its simplicity, it may be oversimplifying the many fundamental factors that point to more weakness for oil ahead.