Oil price shows moderate growth today. Support to the quotes was provided by the U.S. jobs data published on Friday, which somewhat eased investors’ concerns over slowing down of economic growth in this country.
A new round of trade talks between USA and China is scheduled for 10-11 of October in Washington. Its outcome can have a big impact on expectations of investors regarding the prospects of global economy development and dynamics of oil market movement.
On the chart a corrective movement is developing. The closest strong resistance level resides as far as the 61.40 mark, therefore upward wave has very good chances for further development.
Resistance levels: 58.90, 60.00, 61.40;
Support levels: 57.20, 55.55, 55.00.
Main scenario: Growth towards 58.90.
Mixed sentiment can be observed on the market. On the chart there are signals in favor of corrective movement development. For intraday trading we consider long-positions nearby the 57.20 level.