Friday, October 22, 2010
Lind-Waldock: Crude Oil Poised to Reach $90 a Barrel
“Since then, the market has made higher highs and higher lows,” Robben said. A line drawn from the Sept. 23 low to the Oct. 20 low of $79.90 projects to $90 by the middle of December, he said. The initial target for the rising price is $86.52, the high on May 13, which may be reached by the middle of November, Robben said.
“If we close below $79.90, the uptrend is over and we’re back in a trading range of $75 to $85,” he said. Crude oil for December delivery settled at $80.56 a barrel yesterday on the New York Mercantile Exchange.
Bloomberg reporter Barbara Powell can be reached at Bpowell4@bloomberg.net.