Global macro overview for 28/11/2016:
The Organization of the Petroleum Exporting Countries (OPEC) will meet in Vienna on November 30 and this meeting will be in the spotlight of global investors. The main reason for such vivid interest is the fact, that OPEC members are still on the same page of the production cut agreement, so market participants have been voicing grave doubts. An oil freeze agreement from March 2016 has faced multiple challenges, but has managed to stop the free-fall of energy prices in 2016, so maybe another deal would push the prices higher again. Nevertheless, two countries that definitely do not want to participate in negotiations are Iran and Iraq as they still do not like the idea of the production cuts and are strongly against any limits. Please notice, that there will be a lot of comments in the mass media news feeds that will occur before the actual meeting, so the market might face choppy trading.
Let's now take a look at the Crude Oil technical picture in the 4H time frame. The bulls have managed to break out above the 61% Fibo resistance and the price has tested the resistance at the level of 48.86. Since then the market has been falling back towards the technical support at the level of 44.54. Currently, the price is trading below all of the moving averages and might be heading towards the technical support to test it again.
