Charts Predict: Oil May Whip Back up to $100

CNBC.com
Monday, Feb 2, 2009

Oil prices could bounce back toward $100 a barrel as the huge decline over the past twelve months looks set to give back up to half of its fall, Robin Griffiths, technical strategist at Cazenove Capital, told CNBC.

“After a major fall like that you would expect it to retrace a quarter, a third or a half of the previous fall and as that was an enormous fall, quite a decent bounce is likely to come,” he said.

Oil has fallen well over $100 a barrel since the high of above $147 hit in July. If prices were to regain half of their declines, oil could be back up in the $90-$100 range, according to Griffiths’ predictions.

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7 Responses to “Charts Predict: Oil May Whip Back up to $100”

1. Zack Says:
   February 2nd, 2009 at 2:23 pm

   When it does expect the Dolla to go to record lows, Gold to go to record highs, and American IQ’s will remain and current steady decline.

2. HisNameIsRobertPaulsen Says:
   February 2nd, 2009 at 2:56 pm

   Gee, have they bankrupted the Arabian oil producing countries so soon? (ala Pastor Lindsay Williams) Thank you IMF & World Bank for the brief respite in gasoline prices – it was good while it lasted…

3. REASON Says:
   February 2nd, 2009 at 3:34 pm

   were we going to put the shit we can’nt afford

4. Airborne Says:
   February 3rd, 2009 at 1:44 am

   Zack Says:
   February 2nd, 2009 at 2:23 pm

   When it does expect the Dollar to go to record lows, Gold to go to record highs, and American IQ’s will remain and current steady decline.

   IQ’s are close to room temperature , but will Gobal warming , it could go even higher !! LOL !!!

5. jack boooted freak Says:
   February 3rd, 2009 at 2:15 am

   http://www.halturnershow.blogspot.com/

6. jack boooted freak Says:
   February 3rd, 2009 at 2:15 am

   great site che`k it out http://www.halturnershow.blogspot.com/ WOW

7. As400 Cheif Says:
   February 26th, 2009 at 4:11 am

   Thanks for the information, was needed!