On the 4-hour chart, we saw a bullish break from the falling channel on Friday. However, the subsequent move has been anything but encouraging… prices failed to capitalize on the bullish break and are currently trading flat around $50.50/barrel.
OPEC fails to nail deal
OPEC failed to reach an agreement after hours of talks on Friday, amid objections by Iran, which has been reluctant to even freeze its output. They will meet again in Vienna on November 25 ahead of the next meeting of OPEC ministers on November 30, to "finalize individual quotas”.
Technicals
· Despite the bullish break from falling channel, the subsequent lack of bullish momentum in the wake of bearish OPEC news indicates prices could not only re-enter the falling channel, but could also revisit support around $49.63-$49.30.
· On the higher side, only a break above $50.87 would bring in fresh buyers and open doors for $51.80-52.00 levels.
OPEC fails to nail deal
OPEC failed to reach an agreement after hours of talks on Friday, amid objections by Iran, which has been reluctant to even freeze its output. They will meet again in Vienna on November 25 ahead of the next meeting of OPEC ministers on November 30, to "finalize individual quotas”.
Technicals
· Despite the bullish break from falling channel, the subsequent lack of bullish momentum in the wake of bearish OPEC news indicates prices could not only re-enter the falling channel, but could also revisit support around $49.63-$49.30.
· On the higher side, only a break above $50.87 would bring in fresh buyers and open doors for $51.80-52.00 levels.
