What next for oil? Oil trading estimate by Optionetics

The oil market has seen big swings in the past year. From nearly $150 a barrel just a year ago to a drop down to below 35 in January 2009, it's no wonder the market isn't more volatile. Oil prices have rebounded, but are still nearly 55% below last year's levels.

This year, however, oil on its own has made impressive moves. Doubling the lows set back in January and February, many oil traders wonder where the next move is. Bulls are saying $150 a barrel will be reached again soon, while Bears argue that this is just a Bear market rally for oil. Where do we see this black gold moving to in the near term?

Many forecast that the $78 to $80 range is expected. That is currently $8 to $10 dollars above the current price of oil.

Full article including grapghs and estimates from Optionetics, Australia: http://www.optionetics.com/market/articles/21562