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Trade idea: Sell or buy crude oil - you choose!
Steve O’hare from First 4 Trading is focusing today’s trade on crude oil as a medium-term trade. he says it's a two-way trade, meaning investors can both buy and sell.
He says risk dropped after international inspectors were satisfied that all chemical weapons production facilities have been destroyed in Syria.
At the same time, the slowdown in global economic growth has caused a softening in demand for energy resource.
On the technical side, crude has moved over USD 17 lower since the shooting star of late August. Price action is mixed and volatile.
He warns the main risk to this trade is that the breaks prove to be false.
As a result, Steve says you can either sell a break of USD 93.00 with targets USD 90.00, USD 88.00 and USD 86.00 or buy a break of USD 95.50 with targets USD 98.00, USD 98.80 and USD100.00.
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01:39 minutes
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