With the OPEC+ deal made the price of oil
has a strong support zone
between 50.80 - 50.34. Resistance is stong at 53.07 due to the markets wanting proof that oil
cuts will be made. This proof will not manifest until the cuts go into effect in Jan 2019. With the uncertainty from non-OPEC countries around cuts, the market gets enough volatility
to create this moving consolidation.