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19.05.202607:13 Forex Analysis & Reviews: Trading Signals for OIL on May 19-21, 2026: sell below $103.90 (21 SMA - 8/8 Murray)

Relevancia 01:00 UTC--4

Exchange Rates 19.05.2026 analysis

Crude oil opened the week by reaching a high of around $104.73. However, it was unable to hold above the strong resistance level of $103.90 and quickly underwent a technical correction. It is now showing signs of exhaustion and could continue its fall in the coming days.

Crude oil is trading above the psychological level of $100 and above the 21 SMA, which suggests that a pullback toward the 8/8 Murray zone could be seen as an opportunity to open long positions with targets at $103.90. The instrument could even reach the upper band of the uptrend channel around $107.23, the high from late April.

Given that crude oil is struggling to continue rising, it could reach the $103.90 zone in the coming hours, which could be seen as an opportunity to sell with targets at $99.70 or around the psychological level of $100.

A decisive break below the uptrend channel could mark the start of a new bearish sequence for crude oil, and we could expect it to fall below $99.70 until reaching the 200 EMA around $94.95. The instrument could even reach the 7/8 Murray level around $87.50.

On the H4 chart, we can see that crude oil is forming a double top pattern, so we believe that as long as the price trades below $105.00, it could be seen as a signal to sell.

*El análisis de mercado publicado aquí tiene la finalidad de incrementar su conocimiento, más no darle instrucciones para realizar una operación.

Dimitrios Zappas,
Analytical expert of InstaSpot
© 2007-2026
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