Oil to Hold $75 as Rising Pattern Unbroken: Technical Analysis

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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.