Crude oil reversed course Wednesday after hitting its highest closing level of the year Tuesday, and according to one technician the commodity could see as much of a 10 percent move in either direction by the end of the week.
"For the past month, crude has been constrained within this tight trading range of roughly $57 on the low end and $61 on the high end," technical analyst Rich Ross said Wednesday on CNBC's "Trading Nation." But according to Ross, crude oil could see a sudden jolt out of that range after OPEC meets Friday to discuss the fate of supply and production over the next six months—the direction of that move however remains to be seen.
"Crude is a coin flip ahead of the key OPEC meeting on Friday," said Ross, head of technical analysis at Evercore ISI. "With the probability of a 10 percent move in either direction just about equal, we could easily see a $6 move in oil to either $54 on the downside or up to that 200-day moving average around $65.50."
Despite what happens at the end of the week, Ross stressed that technically, "the big trend in crude remains down." However, he does believe that if crude oil does hold the key $60 level and break above its trading range, which would be a move past $61, the near-term trend looks quite bullish.
"The floor is open for potential upside given what comes down the pike later this week," said Ross.
In mid-April Ross correctly called for an extension of the crude rally, although his prediction for oil to hit $65 has yet to come to fruition.
Crude oil was down more than 2 percent on Wednesday, breaking below $60 despite a weaker dollar.
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