USOIL in consolidation 1D

16 thg 12, 2018

With the OPEC+ deal made the price of oil has a strong support zone between 50.80 - 50.34. Resistance is stong at 53.07 due to the markets wanting proof that oil cuts will be made. This proof will not manifest until the cuts go into effect in Jan 2019. With the uncertainty from non-OPEC countries around cuts, the market gets enough volatility to create this moving consolidation.