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Oil & Gas Technical Compendium

Oil Bull is Overcooked But Just Go With It, Say Technical Analysts

An 18 percent rise in oil prices in just five weeks to $65 a barrel should mean the bull run is on its last legs but technical analysts say there is still more strength ahead due to geopolitical tension and tightening crude supply.Technical analysis, using historical chart patterns to determine the next likely price move, is one way of taking a view on where the market will head.At $64 a barrel, Brent futures are about $1.70 a barrel above the five-day moving average, a gap PVM technical analyst Robin Bieber said was usually too wide for comfort.“Anything over $1.40 is normally too much and ... gaps of this size make for immediate tricky trading conditions as the bulls’ resolve is tested by nasty dips,” he said.But he said any near the 5-d.....

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