OPEC members will meet today to discuss further actions on oil production. Many are waiting for them to increase output in response to very high prices and supply shortages.
But the current prices actually compensate the member countries for the losses they suffered during the COVID-19 crisis. And the longer the prices remain high, the higher the average price for this period will be.
As such, traders can clearly see that oil is approaching $ 77 for the second time this year.
But this is a trap formed for sellers, so they should set stop loss at $ 77 to avoid losing profit.
With regards to new short positions, they must be opened only after the FALSE breakdown of $ 77 and clear report on OPEC decisions.
Good luck and have a nice day!