Global macro overview for 01/11/2016:
The OPEC meeting in Vienna finished and a proposed agreement to cap production still hasn't been reached. The talks between OPEN and non-OPEC members took a long time but nobody managed to agree on anything. The non-OPEC producers made no specific commitment to join the OPEC in limiting oil output levels to prop up prices, which might suggest that they want the oil producing group to solve the inner disputes first. Nevertheless, the negotiations have been scheduled for November again, just before a regular OPEC meeting on November 30th. Maybe this time the OPEC and non-OPEC members will be more productive.
Let's now take a look at the Crude Oil technical picture on the daily time frame after the weekend talks. The bear camp has managed to push the prices lower towards the next important support at the level of 46.53, but now the price is bouncing from this level. The next target for bulls is the lower channel line around the level of 48 and the key resistance at the level of 48.16.
