Saudi Arabia and Russia, two of the world's largest oil producers, have decided to extend cuts to their oil production to support oil prices and boost income. This move comes despite weakened demand due to the sluggish economy.
How about trading oil?
2019-11-11 • Updated
SELL at 60.50; TP1 59.20; TP2 58.40; SL 61.00.
The oil market is awaiting news from the OPEC meeting, and traders should expect an increase in volatility and sharp moves of the price.
The technical setup looks interesting. On W1, Brent met the resistance of 100-week MA in the 63.50 area. There’s also a Fibo level at 64.00 and the Ichimoku Cloud that weighs on the price. The odds are that oil will be tempted to close the gap.
On D1, moving averages are in the negative order and there are several candlesticks with big upper wicks. The price started correcting up, but the recovery looks unstable. A decline below 60.50 will be a trigger for selling. The positive scenario is possible only if oil rises above 63.10.
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