Technicals | Jul 10 2012
By Rudi Filapek-Vandyck
As reported previously, technical market analysts at Barclays in London are not positively minded about the price outlook for crude oil and industrial metals, and that's putting it mildly.
Their latest market update suggests the Brent futures market this month is similar to pivotal turning points in years past when price falls of up to 63% subsequently followed. Not that the team is anticipating another quarter of Armageddon for crude oil enthusiasts, but nevertheless, the underlying message remains that weaker prices seem more logical than a renewed uptrend, at least from a pure technical point of view.
The chartists are at this stage targeting US$90/bbl for Brent and US$77.50/bbl for WTI.
Technical limitations
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