In this Daily Trade Watch report, we look for high probability trade setups that we can trade throughout the day. Today, we have taken more of a fundamental look at a specific trading opportunity. Therefore, we look at potential oil strength before OPEC.
Regarding the Oil markets, over the course of the weekend, the Saudis and the Russians have agreed to extend their alliance for this market. The major aim of this alliance or “cartel” is to push up the price of oil through the restriction of supply. As a result, the markets expect the supply to be cut by about 1.3 million barrels per day going into Thursday’s OPEC meeting.
If OPEC reaches agreement on a significant figure then we can expect prices to push higher. However, the opposite also applies if no agreement is made. In this case, we can expect prices to push lower. Prior to Thursday’s OPEC meeting, we are looking for a buying opportunity if we see prices break above yesterday’s high of 53.77.
Potential Oil Strength Before OPEC – Full Video Analysis
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