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O'Hare: OPEC will fuel oil price
Steve O’Hare from First 4 Trading remains bullish on oil. He
explained his bullish call in a previous
piece on TradingFloor when the current double bottom formation first
appeared. Over the past few days, a Morning Star formation has formed, indicating
a potential move higher and further strengthening Steve’s bullish call. The
sharp reversal from last week’s sell off has prompted Steve to consider setting
longs around current levels. This trade is a short-term trade for Steve, who is
initially targeting a move toward USD 62.50 and then USD 65.00. A stop can be
placed at USD 59.00. The OPEC meeting on June 5th is likely to
increase volatility in the market as production levels remain above current
quotas.
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Non-independent
investment research disclaimer
00:57 minutes
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