Oil Price Forecast: Crude Eyes 2019 High Following OPEC JMMC Meeting dailyfx.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailyfx.com Daily Mail and Mail on Sunday newspapers.
Oil Price Outlook Mired by RSI Sell Signal Ahead of OPEC JMMC Meeting
2021-03-01 20:00:00
David Song,
Strategist
Oil Price Talking Points
The price of oil extends the series of lower highs and lows from the February high ($63.81) ahead of the Organization of the Petroleum Exporting Countries (OPEC) Joint Ministerial Monitoring Committee (JMMC) meeting on March 3, with recent developments in the Relative Strength Index (RSI) indicating a further decline in crude prices as the oscillator falls back from overbought territory and slips below 70.
Advertisement
Oil Price Outlook Mired by RSI Sell Signal Ahead of OPEC JMMC Meeting
The price of oil appears to have reversed course ahead of the 2020 high ($65.65) as it trades back within the confines of the ascending channel established in November, but more of the same from OPEC+ may keep crude prices afloat as Saudi Arabia stays on track to reduce supply by 1 million b/d until April.
Oil Price Approaches 2020 High Even as RSI Divergence Takes Shape
2021-02-25 20:30:00
David Song,
Strategist
Oil Price Talking Points
The price of oil trades to a fresh yearly high ($63.79) despite an unexpected rise in US crude inventories, with the technical outlook clouded with mixed signals as the Relative Strength Index (RSI) appears to be diverging with price.
Advertisement
Oil Price Approaches 2020 High Even as RSI Divergence Takes Shape
The price of oil appears to be on track to test the 2020 high ($65.65) ahead of the Organization of the Petroleum Exporting Countries (OPEC)Joint Ministerial Monitoring Committee (JMMC) meeting on March 3 as it extends the series of higher highs and lows from earlier this week.
Oil Price to Hold Above Pre-Pandemic Levels on Overbought RSI Reading dailyfx.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailyfx.com Daily Mail and Mail on Sunday newspapers.