Oil Prices Heading Toward $99: Charts

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

Crude May Hit $99: Charts

"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.)