Oil to Rise After Averting Slide: Technical Analysis

Crude oil is set to extend gains amid this week’s volatility and may reach the $76 a barrel level last traded in mid October, said the head of Cameron Hanover Inc. The market’s ability today to stay close to the psychologically important $70 a barrel mark is keeping prices from slipping into a technical downtrend channel on the daily continuation chart, said Peter Beutel, president of the New Canaan, Connecticut, trading advisory firm.....Complete Story