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
News
of clients are net short. Long
News
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.
Oil Price Rally Vulnerable Amid Failure to Test March High
of clients are net short. Long
News
of clients are net short. Long
News
of clients are net short. Long
News
of clients are net short. Long
News
2021-05-06 14:30:00
David Song,
Strategist
Oil Price Talking Points
The price of oil pulls back from a fresh monthly high ($66.76) despite a larger-than-expected contraction in US inventories, but signs of subdued supply may keep crude prices afloat as US output remains at its lowest level since 2018.
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Oil Price Rally Vulnerable Amid Failure to Test March High
The recent rally in the price of oil appears to be stalling ahead of the March high ($67.98) as it fails to extend the series of higher highs and lows from the start of the week, and crude prices may tr
Oil Price Forecast: Move Below 50-Day SMA to Keep March Range Intact
2021-04-21 19:00:00
David Song,
Strategist
Oil Price Talking Points
The price of oil attempts to retrace the decline from earlier this week despite an unexpected rise in US crude inventories, but crude may continue to track the March range as the Organization of the Petroleum Exporting Countries (OPEC) plan to gradually restore production over the coming months.
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Oil Price Forecast: Move Below 50-Day SMA to Keep March Range Intact
The price of oil struggles to hold above the 50-Day SMA ($61.54) as it pulls back from a fresh monthly high ($64.38), and crude may face range bound prices ahead of the OPEC Joint Ministerial Monitoring Committee (JMMC) meeting on April 28 as US stockpiles recover after contracting for three consecutive weeks.