Oil prices are demonstrating a confident upward trend today amid increased investor interest in risky assets. Major stock indexes are recovering from massive sell-offs at the end of the previous trading week. At the same time, bidders ignored the statistics from China, where there is a slowdown in the recovery momentum in the manufacturing sector.
Additional support to the market is provided by the dynamics of the dollar and the news that the US House of Representatives has approved a new bill to stimulate the economy in the amount of 1.9 trillion. dollars. The document has been submitted to the Senate for consideration.
The market is likely to be restrained by expectations related to the upcoming OPEC + meeting. A group of participating countries will meet on Thursday to discuss the future strategy for oil production. Some experts say that the countries may discuss the issue of increasing production by 1.5 million barrels per day, but market participants are betting on a possible increase in production by 0.5 million barrels. This increase can already be incorporated into the current price.
On the chart, the growth of WTI quotes is still limited by the level of 63.00. We are waiting for the downward movement to resume from this mark.
The main scenario is an increase to 63.00 and a downward reversal.
An alternative scenario is a breakdown of resistance at 63.00 and growth in the direction of 64.00.
The current fundamental outlook is neutral. We consider shorts from the level of 63.00.
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