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.

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