Wednesday, November 18, 2009

Oil May Rise to $90 This Year on Bull Flag: Technical Analysis

(Bloomberg) -- Crude oil may rise to $90 by the end of the year after trading in a tight range for the last three weeks, according to Barclays Capital. Crude oil has spent three weeks in a “bullish continuation flag” pattern, suggesting that prices will soon rise, Barclay’s analysts including Jordan Kotick and Phil Roberts wrote in a note for clients yesterday. A “bull flag” is a pattern of high and low prices that are close together and declining in parallel.

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aYkB37yfRY9Y

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