Last week’s Opec-inspired rally in oil gave us a buy signal on the chart, says Clive Lambert of FuturesTechs, but as we had come a long way in a short period of time he was wary of getting too bullish too quickly.

Therefore Lambert believes that this week’s pullback has been healthy for the bull story, especially as we’ve held important support at $52.00/b.

He is looking to be long at $53.50-53.70/b with a stop at $52.70/b. His targets are $55.30/b and $60.00-61.00/b.

Lambert explains the background to a selected trade every Friday on TradingFloor.

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