Dip buying in Oil continues

11 Jul 2019

USOIL

Trade Ideas

Oil (spot) - Intraday - We look to Buy at 59.25 (stop at 58.75)

Previous resistance level of 60.30 broken.
The previous day's bullish engulfing candle led to further buying yesterday. This is positive for sentiment and the uptrend has potential to return.
This is positive for short term sentiment and we look to set longs at good risk/reward levels for a further correction higher.

Our profit targets will be 60.75 and 61.50

Resistance: 60.95 / 61.50 / 62.50
Support: 60.10 / 59.25 / 58.75