The price of oil may consolidate ahead of OPEC’s Joint Ministerial Monitoring Committee (JMMC) meeting on June 1 as the double top formation remains intact.
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.
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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.
Oil Price Stuck in May Opening Range After Failing to Test March High
of clients are net short. Long
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of clients are net short. Long
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of clients are net short. Long
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of clients are net short. Long
News
2021-05-13 14:00:00
David Song,
Strategist
Oil Price Talking Points
The price of oil appears to be stuck within the opening range for May amid the failed attempt to test the March high ($67.98), and looming developments in the Relative Strength Index (RSI) may warn of a larger correction in crude as the indicator appears to be threatening the upward trend from earlier this year.