Oil prices climbed by more than 1% on Monday as top importer China flagged its first move toward a loosened monetary policy since 2010 aiming to bolster economic growth, state media reported citing a Politburo meeting.
Generally, the direction is consolidation
Uptrend Side: Oil prices are showing bullish momentum, reinforcing projections of continued gains in the near term. The price is on track to reach our expected target of $68.64, with a breakout above this level likely to drive the upward wave further toward $70.50.
Downtrend Side: Conversely, a break below $67.82, especially below $66.69, would disrupt the upward momentum and prompt a shift toward a downward trend.
Tendency Keys: 68.64