OIL chart overview

During the Asian trading session, oil prices continue to rise to $87.35. We currently have resistance, and the price is retreating to the $86.40 level. A drop below $85.50 could signal a deeper pullback to lower support levels. The first potential such level is $84.00. If that level doesn't give us support either, the price could continue to retreat to the $82.00 level, the breaking point of the previous trend line. We need a new positive consolidation and a jump above this morning's high for a bullish option. The first target is the $88.00 level; we were there the previous time on September 15. If we manage to stay there, the price would have a good chance to continue towards the $90.00 psychological level.