Fundamental analysis of WTI

The price of crude oil has been fluctuating recently under the influence of many global factors and reached a yearly high of 85.61, currently trading at 85.10. 
The main reason for the rise in oil price is the expectation of limited supply from major oil producers. Factors such as the ability of the US Federal Reserve to keep interest rates unchanged depending on signals from the US labor market also play a certain role. The latest US jobs report indicates a slowdown in the labor market, as evidenced by the unemployment rate rising to 3.8% despite strong job growth. 
On the supply side, official statements from OPEC+ countries are expected. The statement from Russian Deputy Prime Minister Alexander Novak confirms Russia's cooperation with OPEC+ to maintain the reduction in oil exports. Details will be announced soon. In addition, Saudi Arabia is considering extending the voluntary cut of 1 million barrels per day through October. Sophisticated refineries in countries such as India, Kuwait and China, among others, are experiencing supply shortages.
China's latest economic data show an encouraging outlook. An unexpected increase in manufacturing activity, as well as stimulus measures such as lowering deposit rates and easing credit policies for homebuyers, have had a positive impact on oil prices. However, China's GDP growth forecast for 2024 may limit WTI oil prices to some extent, given that China is the world's largest oil importer. 
In addition, traders are keeping an eye on upcoming events such as China's services PMI and the US services PMI in August, which could have a significant impact on the WTI price. To summarize, the short-term outlook for oil prices is cautiously optimistic given OPEC+ decisions and China's economic actions. However, rising US oil production and possible changes in the global economy could limit this upward trend.
Technical analysis and scenarios:

At the current price of 85.10, WTI is trading near resistance and above the middle Bollinger Bands. Indicators suggest that price is experiencing upward momentum as evidenced by the upper range of the Bollinger Bands trending higher and the price range widening. Given the strong positive sentiment driven by OPEC+ decisions, China's economic stimulus and the decline in US crude inventories, WTI may continue on a bullish trajectory.
Main scenario (BUY)
Recommended entry level: 85.50.
Take Profit: 86.00.
Stop loss: 85.25.
Alternative scenario (SELL)
Recommended entry level: 84.05.
Take Profit: 83.20.
Stop loss: 84.50.