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O’Hare: Why I’m bullish on WTI

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Steve O’Hare from First 4 Trading remains bullish on oil in the short term. The presence of a double bottom formation, which appeared a few weeks ago, continues to influence the price of oil. Based on this formation, Steve is expecting prices to shift higher towards the measured move target of USD 65.00. Steve is looking to buy at the important psychological level of USD 60.00, stating that a break here “will confirm the required bullish momentum”.  A stop can be placed at USD 58.00.