Oil Rally, Meet Resistance: ChartBy
Oil in New York is falling after forming a so-called double top pattern on technical charts, a bearish signal for prices, according to Angus Nicholson, an analyst at IG Ltd. in Melbourne. West Texas Intermediate has dropped as much as 1 percent after closing at $46.23 a barrel Wednesday, the first settlement above $46 since April 28. Prices rose 6.4 percent the previous two sessions as U.S. crude stockpiles fell amid supply outages from Canada to Nigeria.
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