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Steve O’Hare from First 4 Trading has noticed a positive upward trend in WTI light sweet crude oil after a period of consecutive daily gains. Trading has formed a bullish ascending triangle formation as dips continue to attract buyers. Although Steve maintains a bearish medium-term outlook, with a price target of USD 32.50, he is looking to take advantage of the market’s temporary positive momentum. He plans on setting longs around USD 46.00 and targeting an initial move to USD 47.50 and them USD 50.00. An ominous daily Ichomoku cloud is expected to cap gains around the USD 50.00 level. A Stop can be placed at USD 45.25.
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