A research firm believes crude oil prices could erase half of their losses from their peak last year, as the commodity continues a strong comeback.
"We think a 50 percent retracement [to $76.6] during the current bull could be achieved pretty easily," wrote Bespoke Investment Group in a recent note to clients. That moves implies a 30 percent gain from here.
Technical analysts often draw 'Fibonacci retracement' levels to create a road-map for trading using past price levels for a security. The Fibonacci numerical sequence is named for a mathematician from Italy who found these values in the 13th century as naturally recurring in nature.