Crude Oil to Hit Resistance Level at $86.70: Technical Analysis
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Crude oil may fail to breach the $86.70 a-barrel level this week based on statistical analysis used by traders to gauge prices, the Schork Group Inc. said.
Crude’s resistance at that level corresponds to the upper limit of the confidence interval, a statistical range with a specified probability that a given parameter lies within the boundaries. Oil is most likely to trade this week between $76.76 a barrel and $86.70, according to the Schork Group.