Oil May Breach 200-Week Average, Test $85: Technical Analysis

(Bloomberg) -- Crude oil is poised to breach technical resistance at its 200-week moving average and rally to $85 a barrel, according to technical analysis by Citi FX. Oil for November delivery touched a one-year high of $77.97 a barrel yesterday, positioning it to breach the 200-week moving average at the close of today’s trading, said Tom Fitzpatrick, chief technical analyst at Citi FX, part of Citigroup Capital Markets in New York. The average last week was $74.98 a barrel.

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