Oil May Head to $100 With Two-Year Support: Technical Analysis
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Oil in New York may rise toward $100 a barrel if buying interest along the two-year moving average propels prices above a range of about $98.25 to $98.35 a barrel, according to Barclays Plc.
The two-year mean is underpinning closing prices on the weekly chart at about $95.15 a barrel, Barclays analysts including Jordan Kotick, global head of technical strategy, said in a report dated yesterday. Buyers are emerging near the $95 level, signaling the market may test the $98.25 to $98.35 a barrel range, according to the report.