RE:RE:RE:Early .... Crude oil price charts reveal a new target
Since West Texas Crude Oil prices have retreated nearly to Garner's $68 target from November, she recently updated her analysis, including price targets.
The good news for oil traders is that Garner thinks that oil may find its footing and head higher.
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"Although we don't have a crystal ball, the odds of a Covid-type black swan event in the coming months are minuscule, and we doubt OPEC+ will reopen those wounds. Thus, we expect prices to hold support near $68," says Garner. "The lows of this move might be in, but if not, we believe they are near."
If Garner is right, oil should begin acting better soon. If it does, better performance would be in line with historical seasonality.
"Oil seasonality turns bullish in the second or third week of December," says Garner.
How high could crude oil go if it rallies? Garner is a futures trader who uses technical analysis to help map out likely prices. After considering the crude oil futures price chart, she thinks that if West Texas Crude oil holds in the mid- to high-$60s per barrel, it could climb substantially.
"If this area does hold, we see a return to $100 per barrel," says Garner. "The uber bulls are pointing toward $115 and $127 as possible targets, but we aren't that bullish. We believe technology will continue to thwart demand and improve production efficiency."