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Oil due to spike as Iraq crisis continues

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July 01, 2014 commodities, commodities markets, commodities supply, commodity, commodity index, commodity investing, commodity investments, commodity market, commodity markets, commodity prices, commodity strategy, commodity trade, commodity trading, commoditymarket, oil, oil commodities, oil drop, oil industry, oil inventories, oil market, oil markets, oil news, oil price, oil prices, oil production, oil spread, oil stocks, oil supplies, oil supply, oil trading, saxo, saxo bank, saxo bank saxo tv, saxo bank trading floor, saxo bank tradingfloor.com, saxo tv, saxo tv saxo bank, saxo tv trading floor, saxo tv tradingfloor, saxo tv tradingfloor.com, saxobank, saxotv, steve ohare, steve ohare first 4 trading, trade idea, trade view, traders tale, tradingfloor, tradingfloor.com, tradingfloor.com saxo tv

Steve O’Hare from first4trading.com is looking at Crude oil. Price action in Crude Oil has formed a second consecutive bullish flag with a measured target of USD 111.20. Steve has noted that this target lines up with a 161.8% Fibonacci extension target and therefore USD 111.20 is a natural target because it coincides with the top of the long term symmetrical triangle.

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The tensions in Iraq continue to threaten global oil supplies and this remains a constant worry. Until we see some sort of solution Steve expects oil prices to continue to press higher. Yesterday prices dipped to the bottom of the flag formation and buying interest re-emerged.
This current situation is an ideal risk/reward trade, according to Steve, who's looking to buy at current levels and a dip to USD 105.00 with a stop at USD 103.50. Targets are USD 107.50 & USD 111.00.