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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