USOIL:16/4;Go long after a pullback

Oil prices bottomed out on Monday after Iran's weekend attack on Israel proved less damaging than expected, temporarily easing concerns that a rapid intensification of the conflict could reduce crude supplies. After falling to new lows around 84.03 over the past two weeks, oil prices were supported by bargain hunting after Israel said it would respond to Iranian missile and drone attacks over the weekend.

As shown in the figure, today’s strategy suggestions:

Buy long below 84.8-84.5, target 86-86.5, near SL84

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Rising as expected

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