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Gordon Manning, technical analyst at National Australia Bank Ltd, foresees oil rallying to $88 per barrel.
Technical traders use support and resistance chart points to plot their trades. Resistance is an upside barrier that must be penetrated for prices to go higher. Support is a base line that must be breached for prices to go lower. Each day trader uses various formulas to calculate support and resistance for that day. Chartists do the same but for longer periods.
If you watched the price action of oil futures you noticed that prices are fluctuating between $80 and $83 per barrel. The first line of resistance then is at $83. If prices moved upward, through $83, then traders will look for the next level of resistance. In this case Manning sees that as the $88 level.
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