Oil Price Forecast: Crude Establishes Double Top Formation in May
2021-05-19 19:00:00
David Song,
Strategist
Oil Price Talking Points
The price of oil bounces back from a fresh monthly low ($61.95) after showing a limited reaction to the less-than-expected rise in US inventories, but recent developments in the Relative Strength Index (RSI) warn of a larger correction in crude as the indicator snaps the upward trend from earlier this year.
Advertisement
Oil Price Forecast: Crude Establishes Double Top Formation in May
The price of oil appears to have established a double-top formation following the failed attempt to test the March high ($67.98) as it snaps the opening range for May. Lack of momentum to hold above the 50-Day SMA ($62.72) may push crude towards the April low ($57.63) as the Organization of the Petroleum Exporting Countries (OPEC)remains on track to gradually restore production over the coming months.
Indian refiners set to curb spot buying to make room for Iranian oil
channelnewsasia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from channelnewsasia.com Daily Mail and Mail on Sunday newspapers.
Indian refiners set to curb spot buying to make room for Iranian oil
reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.