SaxoTV

O’Hare: Why I’m bullish on WTI

407 views
April 20, 2015 brent, china rate cut, commodities, commodities markets, commodities prices, commodities supply, commodities trading, commodity, commodity index, commodity investing, commodity investments, commodity market, commodity markets, commodity outlook, commodity prices, commodity sector, commodity strategy, commodity trade, commodity trading, drop in oil rigs, investing, investment, number of oil rigs, oil, oil and gas, oil commodities, oil demand, oil drop, oil industry, oil market, oil markets, oil price, oil prices, oil producers, oil production, oil production levels, oil range, oil refinery, oil rigs, oil rigs fall, oil spread, oil stockpiles, oil stocks, oil supplies, oil supply, oil trading, saxo, saxo bank, saxo bank saxo tv, saxo bank trading, saxo bank trading floor, saxo bank tradingfloor.com, saxo bank tv, saxo traders, saxo trading, saxo tv, saxo tv saxo bank, saxo tv trades, saxo tv trading, saxo tv trading floor, saxo tv tradingfloor, saxo tv tradingfloor.com, saxotv, steve ohare first 4 trading, trade, trade idea, trade ideas, trade oil, trade view, trader, traders, traders tale, traders tale saxo tv, traders tale steve ohare, trades, trading, trading commodities, trading floor saxo tv, trading idea, trading risks, trading strategy, trading tips, tradingfloor, tradingfloor saxo bank, tradingfloor saxo tv, tradingfloor.com, tradingfloor.com insights, tradingfloor.com saxo tv, tradingfloor.com trade ideas, tradingfloorcom, us oil, us oil production, wti, wti and oil, wti brent, wti brent spread, wti crude, wti crude oil, wti price, wti supply, wti vs brent

With the number of US rigs falling to the lowest level since 2010, investors are speculating that lower supply levels are ahead. The positive sentiment surrounding WTI and the recent uptick in prices has Steve O’Hare from First 4 Trading bullish on oil in the short term. WTI recently broke above the USD 54.00 mark, which has been an area of great resistance according to Steve. Now he is expecting that a “reasonable correction” could target the USD 67 area. This is the 38.2% Fibonacci retracement level of the 2014/15 trading range. Additionally, a double bottom formation has formed at USD 65.00.


With technical indicators signalling a shift higher, Steve is looking to set longs at current market levels and on a dip to USD 54.00. He is targeting a move towards USD 65.00 with a stop of USD 50.00.

Join the conversation below to be a part of the social trading experience.

Non-independent investment research disclaimer

Full disclaimer