Dip buying in Oil continues
USOILTrade 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
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