InstaForex - Analytics


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    Global macro overview for 23/11/2015

    Global macro overview for 23/11/2015:

    The news regarding crude oil had started a price roller coaster today when the Bloomberg agency has cited the Saudi Press Agency regarding the sudden change of oil price rhetoric. It has been said the Saudi Arabia would do "whatever it takes" for a stable oil market and that they would cooperate with the OPEC and non-OPEC members for stable prices. Of course, whether the Saudi Arabia will actually do anything, well that's a different story, but this remarks might be a first reason to end the bear market or at least to start a temporary bullish correction.

    The technical picture of crude oil prices indicated a possible bullish reversal. But to confirm this scenario, the market must close above the support at the level of 40.39 and break above the level of 42.58.


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