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Oil prices start the week in the red zone

The oil prices on Monday are traded in the red zone. Pressure on the price is exerted by the uncertainty of the prospects for trade relations between the United States and China. Over the weekend, Donald Trump made a number of positive comments, in particular about the possibility of an early signing of a trade agreement. But investors drew attention to statements by the Chinese side, particularly that Xi Jinping accused D. Trump of meddling in the internal affairs of China. Until the interim foreign trade agreement is signed, investors will anticipate a breakdown of earlier agreements and the resumption of a trade war between the countries. Investors are also expecting the publication of details of the trade agreement. Therefore, oil, as one of the risky assets, remains under pressure.

In the coming days, we should expect the market to remain fairly calm, as many institutional players have gone on Christmas and New Year holidays. The upcoming Wednesday in the USA and EU is an official day off.

Regarding the chart, we saw a correctional wave, which reached its immediate goal at 60.00. Now the bulls are trying to keep the price above this mark and if they succeed in the mid-term, we can expect the resumption of movement towards the level of 62.05.

  • Resistance levels: 62.05 64.00, 65.00;
  • Support levels: 60.00, 59.10, 57.80.

The main scenario - a consolidation below 60.00 and a decrease towards 59.10.

An alternative scenario - a consolidation above 60.00 and growth towards 61.00.

The fundamental outlook is neutral. There are no good signals on the chart to enter the market. It is worth considering longs only from the level of 59.10. Shorts are relevant only above the level of 60.90.

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