Tomorrow is a big day for a lot of energy oil traders. OPEC will be having its meeting on Dec 5th-6th in Vienna, Austria.

Since October 2018, oil has dropped 35% and I have caught the tail wind of it and made some money. Judging by the looks of the global sentiment of the market, things are not looking good at all. But I do have a strong opinion that production cuts will be announced tomorrow.

Please share your thoughts, concerns, or any predictions.

mako725 

Tomorrow is a big day for a lot of energy oil traders. OPEC will be having its meeting on Dec 5th-6th in Vienna, Austria. Since October 2018, oil has dropped 35% and I have caught the tail wind of it and made some money. Judging by the looks of the global sentiment of the market, things are not looking good at all. But I do have a strong opinion that production cuts will be announced tomorrow. Please share your thoughts, concerns, or any predictions.

OPEC (with their new friend Russia) don't have the leverage they had before the hydraulic fracturing era.
So while they may announce production cuts it should not change the global trend.

Mid-November's low 55 as previous Low is holding down.
Yesterday, price action at Double Top @54.44 YHigh made me think that it's LIS.LineInTheSand for Bears.
If November's Low @49.41 Low not holding up, then aiming for T47-44.

Note:
Good news is Sunday's 2 points GapUpOpen filled, finally!