Zev Spiro, chief market technician of Orips Research is forecasting oil to reach above $70 a barrel in the near future, as oil’s weekly charts show a bullish “inverse head and shoulders” pattern. “This large complex bottoming pattern could trigger a confirmed move above the horizontal neckline in the $50-$51 area,” he said Thursday on CNBC ‘s Futures Now. “[This] would signal a primary uptrend with a minimum expected price objective in the $73 to $76 area.” In order for any research to be useful, it should be studied in all time frames—the long-term, the medium-term and the short-term. Usually, when all the three time frames are in sync, the chartists can forecast the future prices with a greater degree of confidence. Let’s examine oil in all the time frames and try to see under what conditions is $73-76 a barrel, a reality. Long-term charts (Click to […]