Oil to Rise Toward $83.55 Fibonacci Target: Technical Analysis
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Crude oil in New York may reach $83.55 a barrel as upward momentum pushes prices higher, according to Societe Generale SA.
Oil for September delivery in New York will rise in an ascending channel toward the 61.8 percent Fibonacci retracement of the contract’s drop in May, said Stephanie Aymes, a cross- commodity technical analyst at France’s second-largest bank by market value. First, prices must move through $82.85, the upper band of crude’s current conduit.