Crude oil risks a decline of as much as 25 percent in the coming weeks if the market’s bulls are unable to break chart resistance above $73 a barrel after repeated attempts, according to Cameron Hanover Inc. Oil settled above $72 a barrel in the past two days, the closest test of its technical upside this month, and will sustain a rally only if prices rise above the June 30 peak, also the highest this year, said Peter Beutel, president of the New Canaan, Connecticut based trading adviser. The gains of about 25 percent made since the mid July drop to below $59 may unravel because of a failure to break resistance. "Crude needs to settle over $73.38 to initiate a new leg higher," Beutel said in an e-mail. "If we fail, we should drop all the way back to $58.20 to $59.25".....Complete Story
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