Tuesday, October 13, 2009

Oil on ‘Bullish Springboard’ to Test $75: Technical Analysis

(Bloomberg) -- Crude oil is set to test this year’s high of $75 a barrel after support at about $66 provided a ‘bullish springboard,’ according to technical analysis by Auerbach Grayson, a brokerage in New York. The oil market broke out of the head-and-shoulders pattern of the past three months yesterday when prices climbed above $73 on the New York Mercantile Exchange, according to Richard Ross, a technical analyst at Auerbach Grayson.

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a8DwYnWZNkeY

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