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In Anticipation of the New Driver

Olymp Trade

Oil continues to trade in the medium-term correction uptrend, which has been forming since the beginning of summer. As part of this trend, bulls tried several times to break through the $66.6-67.3 zone, but both times were to no avail. The local price movement is concentrated in a narrow horizontal price channel with support at $63.0 and resistance around $64.0. Volatility has declined over the past week amid conflicting fundamental signals. The market needs a new powerful driver that will set up traders starting a new trend. After all, as you know, the longer the consolidation, the stronger the trend after it.

Traders are still concerned about the prospects for global economic growth and the protracted negotiations between the United States and China. Their official representatives will meet on Tuesday and will negotiate for two days on trade issues. However, both sides do not have high hopes for a breakthrough.

Meanwhile, the situation in the Middle East is beginning to normalize. Last weekend, negotiations between Iran and the world powers ended. It was constructive, but unresolved issues still remaine. Tehran can continue to give up its obligations if Europe fails to save the nuclear pact, the Iranian diplomat said on Sunday.

Olymp Trade Review

Source: https://olymptrade.com/
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