Oct. 1 (Bloomberg) -- Crude oil is poised to enter a “bullish channel” and
test resistance at the mid-$70-a-barrel level after rising the most in almost
six months yesterday.
If prices close above $71.55 a barrel, oil is set to test resistance at
$75.89, according to a technical analysis by Stephen Schork, president of
consultant Schork Group Inc. in Villanova, Pennsylvania.
Crude oil for November delivery rose $3.90, or 5.9 percent, to settle at
$70.61 a barrel yesterday on the New York Mercantile Exchange.
“If you are bearish you’ve got a problem right now,” said Schork. “If the
channel holds we’ll get a re-test of the low to mid-$70s, which is where
resistance has held since the summer.”
The November contract reached a high of $75.89 on Aug. 6, and stalled at
levels above $75.50 four other times in August.
The bottom of the current range is $65.56 a barrel, said Schork. “If we go a
couple days without any significant momentum above $71.55, I would look for a
retracement back down again into the mid-$60s.”
To contact the reporter on this story: Aaron Clark in New York at
[email protected]
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