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O’Hare: Has oil price scraped bottom of barrel ?
Steve O’Hare from First 4 Trading believes the trend of lower oil prices has come to an end, as support signals target higher levels. An intraday 78.6 percent Fibonacci retracement towards USD 99 demonstrates that further losses would be limited. Support from the 200 day moving average and daily Ichimoku Cloud also indicate continued support.
With these three gauges pointing towards higher levels, Steve is looking to buy at USD 99 with a target of USD 100. A stop on the trade can be placed at USD 98.50, which is a key indicator of the market’s daily sentiment.
Trading on the market has been mixed over the last few days around daily lows, and a break below USD 98.50 would indicate a bearish trend. Volatility is being driven by conflicting data releases and escalating violence in Ukraine. At the moment though, signs of higher gains are expected.
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01:12 minutes
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