Bloomberg Technical Analysis: Oil Uptrend Intact Until a Drop Below $66

Crude oil, which fell from a 10 month high of $75 a barrel in New York last week, remains in an uptrend and a sustained move lower isn’t likely unless prices settle below $66, National Australia Bank Ltd. said. Oil may climb to its recent highs in coming weeks even as the volatility in prices reflected uncertainty among traders, according to Gordon Manning, a Sydney based technical analyst. He correctly predicted Aug. 5 that the market wouldn’t settle below $66 a barrel on its way to a new high for 2009. “It’s not a downtrend in my books,” Manning said in a phone interview today. “It certainly hasn’t pushed on with the sort of aggression that I thought it might do, but there’s not enough damage to really get too worried”.....Read the complete article