Oil Stuck at $60, May Fall to Mid-$40s: Technical Analysis - Bloomberg

By Margot Habiby May 19 (Bloomberg) -- Crude oil prices may fall to the mid-$40s, after failing to sustain a move above $60 a barrel lastweek, according to Citi FX technical analysts.

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Oil’s rally stalled at a six-month high of $60.08 a barrelon May 12, after rising 79 percent from a low of $33.55 threemonths earlier. It also failed to break $60 in a 4.8 percentrally yesterday. “Crude faltered at the psychological $60 level, andmomentum has turned down, suggesting the danger of a shorter-term correction,” said Tom Fitzpatrick , chief technical analystat Citi FX, part of Citigroup Capital Markets in New York, in areport co-written with London-based analyst Shyam Devani .

Full Story: Oil Stuck at $60, May Fall to Mid-$40s: Technical Analysis - Bloomberg