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Oil Falling on Signs of OPEC+ Discord – US OIL Market Outlook – 30/11/2020

SquaredFinancial

WTI Crude is making its way towards our first short support target at $44 pbl, after confirming a lower high on the hourly chart and printing below the 20 and 50 period SMA, falling ahead of today’s 180th OPEC conference on signs of discord within members, with the UAE and Kazakhstan proposing to maintain current output cuts. Failing of $44 support level to hold will favor further downside with 200 period SMA coinciding with $43.50 as next closest target.

Support: 44 / 43.50
Resistance: 45 / 46

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Source: https://www.squaredfinancial.com/learn/daily-market-outlook/oil-falling-on-signs-of-opec-discord-us-oil-market-outlook-30-11-2020
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