Crude oil at 79-dollar mark within reach, rising to 93 dollars expected June 28, 2009 (Bloomberg) the price of crude oil reached soon the 79-dollar mark and have raised then at least at the 93-dollar mark per barrel until the end of August, according to the technical analysis of the American asset manager Daniel Bruno. He therefore reaffirmed its forecast, which he first made in December. Crude oil prices were yesterday over 70 dollars for the barrel. That is a good sign,”said Bruno, head of CEO capital management in New York and chartered market consultant. “If the price of 70 dollars for crude oil is maintained, a breakout could be until late August with over $79.” On December 23, 2008, Bruno predicted that oil of 33 dollars per barrel will rise up to $93. He said in a telephone interview yesterday that crude oil “five-sixths plexi” percentage was and he saw no changes to its desired price.
Oil is known in its formation as a rising triangle” called Bruno, said and it is traded between the horizontal line of the resistance at 78.96 dollars a barrel and the rising support line. The resistance is usually missing in such a model, what drives the prices higher. Even if the upward trend is interrupted, the market is still strong, so Bruno. “Crude oil has plenty of room to fall back on the main support line at $60 and can reach still 93 dollars. The prices can stagnate for some weeks between 57 and 72 dollars, before the growing support keeps afloat until August the commodity.” “When the market by the summer through sideways, the breakout at the time about $79 will be stronger. Crude oil will attract very quickly on 93 and 99 dollars,”Bruno said. Oil prices have risen by 58 percent this year. Daniel Bruno can be reached on AskMarketTechnician.com and answers questions about oil, the dollar, Russian ruble, gold and many other raw materials.