The crude oil trading near the highest levels in two years

The crude oil trading near the highest levels in two years, is likely to "escape" to $ 94 a barrel if prices remain above $ 87 bracket, according to Chart Partners Group Ltd.

Commodities such as oil, gold and copper is optimistic short-term trends going into January, and that "flirting" with a "cycle of opposition, correction" in the long term, said Thomas Schroeder, CEO of partners Graphics, a company based in Bangkok in technical research. The level of $ 87 per barrel is a turning point and was the highest of the year a few months ago, Schroeder said. Crude oil futures settled above $ 87 a barrel, three times in November before rebounding above $ 88 a barrel in December.

"It appeared more than $ 87, turned down and had a severe fall, turned over $ 87.'s Having trouble deciding whether to keep that level," said Schroeder. "While the support is $ 87, I think we'll have some more significant peaks in January to treat."

Crude for January delivery gained 48 cents, or 0.6 percent to $ 88.50 a barrel in electronic trading on the New York Mercantile Exchange and was at $ 88.36 a barrel at 8:46 am Singapore time. By November, futures settled above $ 87 a barrel in October 2008.

An oil rally next month will be his "last race of force before a downslope of the cycle develops," said Schroeder. Table of crude oil is also showing divergence bear, where the peaks in the Relative Strength Index and Moving Average Convergence / Divergence of the indicators are getting ever higher, unlike the upward trend in oil prices, said .

"The indicators are not confirming a new record, which means oil up insurance, the rally is short term," said Schroeder. "That usually means ordering around the world throughout the world, is waiting for someone else to buy and no one ever does. That is a sign of underlying weakness that I think will start to come through in January."