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Neighbour: Hunting for a trade

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After the strong breakout in oil yesterday, Joe Neighbour from Central Markets is focused on oil related stocks, namely Hunting PLC. The UK-based company manufactures and distributes products related to oil and gas extraction. The stock’s chart pattern closely mirrors the impressive base seen in oil and other oil related single stocks. Joe expects oil to run higher in the short term but is looking to buy on a minor dip around GBP 5.55. He is targeting a move towards GBP 7.30 with a stop of GBP 5.40.

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