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Crude Oil in May 2024
Something bullish, something bearish. Is this the end of increases in black gold? In today's analysis, we'll be taking a deep dive into the new record in black gold price and its long-term picture. From today’s point of view, we see that although crude oil moved higher in the previous month and hit a fresh high of $87.67, the bearish engulfing pattern formed in Oct. 2023 encouraged the bears to show their claws. As a result, the commodity pulled back, creating another pro-declining candlestick formation in this area- the shooting star, which triggered further deterioration in May. Additionally, last month’s ... (full story)