After the growth up to the level of 49.14, the US crude price was corrected downwards and is still falling. The key event of the coming days will become the OPEC meeting on November 30th, in Vienna.
During the meeting, the stabilization of world oil production issue will be discussed. Today there is no clear OPEC position on this point. It’s possible that the summit could not reach a final agreement, as many countries still have different views of the problem of oil oversupply on the world market. Thus, the market participants are waiting for the results of the meeting. If the agreement on the stabilization of the oil production is reached, then US crude will have some support in the short term. Otherwise, the price will continue to fall.
On the 4-hour chart the Bollinger Bands® are pointed in the different directions, confirming the downward current trend. The MACD histogram is in negative zone, its volumes are growing, forming a sell signal.
Support levels: 45.50, 44.80, 43.52.
Resistance levels: 46.51, 47.56, 49.14.