Brent Oil May Reach $90 on Rising Channel: Technical Analysis
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Brent crude oil may climb toward $90 a barrel after it re-entered a rising “channel” that will draw prices higher, according to a technical analysis by Standard Chartered Plc.
Between early May and the middle of this month the contract has fallen four times below the lower threshold of a channel that had supported prices for the past year. The commodity has since risen back into the channel, suggesting a recovery is in progress, Standard Chartered said.