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Global macro overview for 09/08/2016:
Another news from the OPEC organisation caused a move in the crude oil market. The OPEC members have again floated the idea of a freeze in output, that might possibly stabilize oil prices due to a supply cut. Venezuela, Ecuador, and Kuwait are pushing the idea, but other members are not too much attached to implementing a freeze.The matter of decreasing the output by freezing was widely talked in the previous OPEC meeting, but there always were some members with a different point of view. The next OPEC meeting is scheduled for late September in Algeria and this problem will rise again I suppose.
Let's now take a look at the Crude Oil technical picture in the 4H time frame. The bullish camp has managed to push the prices above the 55,100 and 200 moving average and now the market is trading just below the important resistance at the level of 43.62. Please notice the growing bearish divergence between the price and momentum oscillator indicates a possible move downward towards the next support at the level of 41.51.
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