Every step towards the OPEC meeting impacts heart beats of millions of people involved in crude trading. They know that they are going to witness the impact of minute to minute proceedings of OPEC meeting on 30th November, 2016. Uncertainty is looming all around the world with a lot of “ifs” and “buts”.
Trading community has witnessed the quantum of volatility in crude prices from a long time. I personally like to avoid a position, even with a stop loss order. Crude price will going to draw big zigzags during the week begining from November 28th, 2016. Range of the crude prices may be from $ 41.89 on the lower side to $51.72 on the higher side.
One may fine find the following Support and Resistance levels on 5 Hr. chart during this week:
S1 - 44.85 S2 – 43.69 S3 – 42.28 AND R1 – 49.10 R2 – 50.45 R3 – 51.76
Whatever will be the OPEC countries have in their wallet, no one wants to disclose in advance. Let us hope for the best OPEC outcome for all.