Positive impact on the market now is created by the situation on stock markets. Most of the indices are starting trading week in the green reflecting overall investor’s disposition to risk. Traders expect from ECB, Federal Reserve and other regulators softening of monetary policy in order to stimulate economic growth. Investors hope that these actions will facilitate recovery of global economy and energy demand.
On the chart we can see that locally an upward movement is in progress. The closest target for buyers is 62.30 level where the further mid-term vector of price movement will be defined. In case of break of resistance we might expect growth of the quotes towards 66.60. In case of forming of reversal formation we expect decline towards 57.50.
Resistance levels: 62.30, 64.70, 66.60;
Support levels: 60.75, 59.30, 57.50.
Main scenario: Growth towards 62.30.
Alternative scenario: Break of support at 60.75 and decline towards 59.30.
Positive fundamental sentiment prevails on the market locally. In short-term we consider long-trades for this asset seeking entry points at area of 60.75 level.