Oil May Reach $84 After Close Above ‘Cloud’: Technical Analysis
This article is for subscribers only.
Oil may push toward $84 a barrel based on signals from on a Japanese charting method called Ichimoku Kinko Hyo, or “one-glance cloud chart,” according to Astmax Ltd.
Oil's close in New York on July 9 of $76.09 a barrel has breached the upper edge of the Kumo, or cloud, formation between $75.70 and $73.57 on a daily chart, a sign that prices will rise, said Tetsu Emori, a commodity-fund manager at Astmax in Tokyo. Prices may be limited by the top of $80.21 on the weekly Ichimoku graph.