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Oil Prices Heading Toward $99: Charts
Published:
Thursday, 8 Apr 2010 | 4:44 AM ET
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By: CNBC.com
NYMEX crude futures [US@CL.1
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] are heading toward $99 per barrel, said chartist Ray Barros, CEO of Barros Trading Group.
"We will retest that $84-$85 area, and if we double that congestion pattern, the target is $99," Barros said on CNBC.
The congestion started way back in August-September last year and we've only just broken out of it, Barros added.
Congestion patterns generally indicate the return of rapid price movements.
"There will be some resistance at $90 but we'll go through that and be en route to $99," Barros concluded.
(Watch Barros in the video above.)
© 2012 CNBC.com
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