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Oil Prices Heading Toward $99: Charts

CNBC.com
Thursday, 8 Apr 2010 | 4:44 AM ET

NYMEX crude futures are heading toward $99 per barrel, said chartist Ray Barros, CEO of Barros Trading Group.

Crude May Hit $99: Charts
NYMEX crude prices are set to hit $99 once it breaks through the $90/bbl mark, according to chartist Ray Barros, CEO of Ray Barros Trading Group. He shares his outlook, with CNBC's Chloe Cho & Sri Jegarajah.

"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.)

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