OPEC MOVES TO HALT CRUDE OIL’S COLLAPSE.
The key takeaway
After a 20% fall in the price of crude, OPEC has resumed its actions and attempts to manipulate price over the weekend with news it will look at a production cut for 2019. Just as it has since the lows of 2016 OPEC has first exercised its jawbone to gauge whether it does need to adjust production.
The question now for traders who have ridden the move lower with me is how high and how far can the bounce in oil extend. Will it rally sustainably at all?
The charts suggest WTI could bounce into the $65.50/$66.00 and Brent toward $76 and still be in a bear market.read more