Oil resuming downtrend after a rally from major support @ $45.25 to the top of the daily descending channel @ $51.75. The recent catalyst for this strong rejection of resistance was caused by Oil news after the OPEC meeting where they decided to cut Oil productions for another 6 months to reduce the supply glut. This is good for Oil prices as supplies have been cut throughout 2017, unfortunately the market was hoping for a longer period of supply cuts from anywhere between 9 months to a year.
Trade closed: target reached