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Oil Started a Correction

Olymp Trade

Oil started this week with moderate growth. Local support is located at $58.0 per barrel, bulls are currently testing $59.0. All this happens as part of a correction to the bearish trend, which began in mid-September. An optimistic medium-term scenario will be a return to the 50% Fibonacci level in the range of $62.0-63.0. The nearest strong resistance level for buyers will be the level of $59.5.

There are no strong fundamental factors in the market right now, therefore the dynamics of movement are less strong compared to the last weeks of trading. At the end of the current trading week, October 10-11 in Washington, after a long break, trade negotiations between the US and China will resume. According to Bloomberg, the Chinese side will narrow the list of discussion subjects, including several key moments for the Trump administration. Thus, China will try to gain an advantage due to the impeachment process.

Olymp Trade Review

Source: https://olymptrade.com/
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