Wednesday, October 21, 2009

Crude Oil Is Poised to Top $100 a Barrel: Technical Analysis

(Bloomberg) -- Crude oil is poised to top $100 a barrel after breaking out of a five-month range, according to technical analysis by Auerbach Grayson, a brokerage in New York. Futures traded between $56 and $75 a barrel from May 8 to Oct. 13. They climbed above $80 yesterday before closing lower for the first time in nine days. A price decline represents a buying opportunity, according to Richard Ross, a technical analyst at Auerbach Grayson.

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a8STdkfj1oj4

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