Crude Faces Resistance at $81.74 a Barrel: Technical Analysis
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Oil in New York is facing resistance at $81.74 a barrel, setting the stage for prices to climb to $87 or fall to $78, based on levels using Fibonacci analysis, the Schork Group Inc. said.
Intra-day futures prices have straddled the 76.4 percent retracement level of $81.74 for nine of the past 11 trading sessions, Schork Group President Stephen Schork said in a report yesterday. Prices may push to the top of the Fibonacci range at $87.15, the highest price this year, or drop to $78.40, depending on whether the U.S. Federal Open Market Committee decides to buy government securities to boost economic growth.