Crude oil prices could be headed towards $114 per barrel, said Richard Perry, chief market strategist at Central Markets, on CNBC.
Perry said when prices rose above $90 in December, it broke through the trading range of $66 to $90. The next target from a technical analysis point of view is $114.
Oscillators and moving averages are supportive of higher prices, said Perry. The 50-day moving average, at around $90, could prove to be a support level for corrections.
Perry thinks what may happen is that crude oil prices approaches $100, meets resistance at this psychologically important level, gets support at the $90 level in the ensuing correction, and subsequently rising above the $100 level and head towards $114 per barrel.