Wednesday, September 16, 2009

Oil Poised to Extend Rebound, BarCap Says: Technical Analysis

Crude oil probably is near a bottom between $67 and $68 a barrel and may rebound after retreating to its 100-day moving average, Barclays Capital analysts said.Crude futures for October delivery on the New York Mercantile Exchange formed a “hammer” yesterday, which occurs when prices recover from a new low, Barclays said. Having completed the downward slope of a triangular pattern started in June, oil is poised for new gains, according to the bank.

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aB0cEbY72Ckc

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