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Market optimism pushes crude oil prices higher

 Last Update: 2021-06-05
 Source: Internet
 Author: User

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According to FXstreet on May 25th, China Petrochemical News reported that on Tuesday, WTI crude oil prices closed for the second consecutive trading day, exceeding the 3% increase in a single trading day.

However, in the short term, from a technical point of view, the strong upward momentum is weakening, but according to the 50-day and 200-day moving averages, the overall trend is still rising.

Wang Jiajing excerpted and translated from FXstreet

The original text is as follows:

Crude oil higher on recovery optimism

WTI Crude oil ended yesterday's session on a second consecutive close in the green, topping 3% gains in each session.

However, in the near term, and from a technical perspective, the RSI pointing lower is clearly signaling that the strong upside momentum is fading, although the main trend is still up according to the 50-period and 200-period moving averages.

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