Oil Regains Footing

Stock quotes in this article: OIL , EME , BBEP  

Larry Levin, technical analyst at Secrets of Traders in Chicago, says that crude oil has built a strong foundation near $60, and that crude oil will likely stay in the $60-$62.50 range this week. "If the stock market was to rally from this recent monster selloff, crude oil could move as high as $68," Levin says.

Energy stocks traded broadly higher in Tuesday's trading session. The iPath Goldman Sachs Crude Oil(OIL Quote) exchange-traded fund closed Tuesday up 1.2% at $36.95.

Electrical systems construction firm Emcore Group(EME Quote) was upgraded by Matrix Research from hold to buy. Its stock closed up 3.5% at $59.38.

Breitburn Energy(BBEP Quote) was downgraded by RBC Capital Markets from outperform to sector perform. The company's stock ended 1.2% lower at $27.32.

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Dow Jones S&P 500 NASDAQ 10-Year Note
10,309.92 1,091.49 2,138.44 32.31
Oil *
77.12
DOWN
154.48
DOWN
19.14
DOWN
37.61
DOWN
0.48
10 Yr
3.23%
SPDR Gold
115.06
-1.48%
-1.72%
-1.73%
-1.46%
Data delayed 20 minutes

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