Oil to Stay Below $84 on Bollinger Hurdle: Technical Analysis
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Oil will remain below $84 a barrel in New York this week because of chart resistance marked by a Bollinger Band, according to Cameron Hanover Inc.
Crude, which reached a five-month high of $84.43 a barrel last week, won’t sustain rallies to revisit that price because the market is “overbought,” said Peter Beutel, president of the energy adviser in New Canaan, Connecticut. Futures fell today for a second day after advancing 12 percent in the past three weeks.