Monday, July 20, 2009

Oil to Rise Above $65 After Support Holds

Crude oil may extend gains above $65 a barrel as an indicator of technical momentum suggests the market has rebounded after failing to break support levels last week, according to National Australia Bank Ltd. The Moving Average Convergence-Divergence oscillator on the weekly continuation chart is “a whisker away” from turning positive, said Gordon Manning, a Sydney based technical analyst. Technical buyers usually step in when the MACD rises above its signal line, a so called bullish crossover.....Complete Story

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