This Chart Shows Oil Can Hit $150

Unrest in Iraq is pushing oil prices higher. Oil price is hovering around $106 per barrel at this moment. Unrest in Iraq pushed WTI crude oil contracts above $106 per barrel on Thursday, its highest level since September, 2013. And, if one technician’s chart holds, oil can get as high as $115, if not $150. “The charts are starting to get bullish now for oil,” said Ari Wald, head of technical analysis at Oppenheimer & Co. He said oil is headed to $115 in the near term.

“The real question is what happens at $115,” Wald said. “$115 was the prior highs from the past couple of years. If you get a breakout above there, then you could be talking about a move back to the 2008 highs back at $150.”