06 October 2016 at 7:25 GMT
Steve O'Hare - First 4 Trading
Steve O'Hare, of First4Trading.net, discusses in a technical chart analysis why he is long oil.
In the short term O'Hare plans to buy at current levels and on dips down to $49/b. His targets are $50.90 and $52 and he has a stop at $48.
In the long run O'Hare looks to buy at $51 with targets at $62.55-64.78 and $75. His stop is at $42.50.
O'Hare will feature technical analysis of a selected trade every Thursday on Trading Floor.