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Hugo in HTO Trading,

Crude oil: Consolidating ahead of OPEC meeting

Since the beginning of the year the commodity gain more than 21.0% however last week fell more than 1.0% and made a phase change last week, shifting from a bullish to a warning phase.

Last week the crude oil initially rose but found enough resistance at 47.78 to reverse and closed near the low of the week, although managed to close within the previous week range, which suggests being slightly on the bearish side of neutral.

The stochastic is showing bearish momentum and is below the 50 mid line.

Expecting a downward move to a weekly support at 43.56 on a break below the previous week low at 45.87 (scenario 1) but a bounce from the weekly support at 45.87 may trigger a bullish run up to 47.78 (scenario 2).