Oil to Hold $75 as Rising Pattern Unbroken: Technical Analysis
This article is for subscribers only.
Crude oil, set for the biggest weekly drop in six, remains in a rising pattern on technical charts that will keep prices above $75 a barrel, according to National Australia Bank Ltd.
Oil, down more than 5 percent in New York this week, is still within an upward-sloping channel going back about three months, said Gordon Manning, a Sydney-based technical analyst at Australia’s fourth-largest bank. Prices may also sustain a rebound because yesterday’s settlement was above a Fibonacci support level.