Barclays Sees Brent Crude Capped at $107.60: Technical Analysis
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Brent crude’s two-week rally may halt at about $107.60 a barrel as futures reach the top of an upward-sloping trading channel, according to technical analysis by Barclays Plc.
Brent’s August contract traded above the 200-day moving average on June 14 before it capped a two-week, 2.3 percent advance to $105.93 a barrel on the ICE Futures Europe exchange. It also settled above a previous resistance level of $105.15, signaling further gains are possible within a new range, the bank said in an e-mailed report.