Talk­ing Technicals

Financial Mail - Investors Monthly - - Analysis: Technical - GARTH MACKEN­ZIE www.trader­

re­sis­tance area at $80 is likely to of­fer sup­port into the cur­rent pull­back. If the price holds above $80 and turns up from that level, it is fea­si­ble that an­other leg higher will fol­low.

The tech­ni­cal tar­get from the move above $80 is for a move to $90, with some com­men­ta­tors even call­ing the price up to $100. While the price is above $80 the bias con­tin­ues to favour a higher oil price. Only a con­vinc­ing move be­low $80 may be­gin to negate the re­cent bullish break­out.

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