While oil bulls are focusing on the loss of supply from Venezuela and a potential reduction of Iranian exports to justify their view that prices will be heading higher, bears are figuring that OPEC will reverse some of the production cuts in place and bring back as much as 1 million bpd to the market to offset any supply disruptions. Traders look at the charts and apply technical analysis to guess where prices are going and where it’s best to enter or exit positions. One such analysis says that WTI oil prices are heading to $76 a barrel in the long term, and that the price retreat of the past two weeks is not a reversal of the upward trend, but just a temporary pullback. According to trader Daryl Guppy, the longer-term trading band for WTI Crude is close to $76 a barrel and possibly higher. That’s roughly $10 […]