Trading plan for 30/11/2017

Oil in relative peace awaits the decision of the OPEC summit. The GBP, AUD and NZD exchanges received individual reasons for volatility. On the stock market mixed moods. Japanese Nikkei 225 is up 0.6%, but China's Shanghai Composite loses 0.7%.

On Thursday 30th of November, the event calendar is quite busy in important economic releases. During the London session, France, Germany, Italy, and the eurozone will post Consumer Price Index and Unemployment Rate data, Switzerland will present KOF Economic Barometer, Retail Sales and GDP data. During the US session, Canada will present Current Account data, and the US will reveal Unemployment Claims, Personal Spending, Personal Income and Chicago Purchasing Manager Index data. Two FOMC members have a scheduled speeches later on: Randal K. Quarles and Robert Kaplan.

Crude Oil analysis for 30/11/2017:

The latest news from Vienna, which again pushes West Texas Intermediate oil (-1.6%) towards $57.00 per barrel, contributed to the strong reshuffle of sentiment on the global oil market. According to the Russian Minister of Energy, Alexander Nowak, the world's miners have agreed to further reduce the production of raw materials. Salt in the eye was intended to be the publication of more detailed data on the extension of the contract, which will ultimately depend on the course of tomorrow's session.

Let's now take a look at the Crude Oil technical picture in the H4 time frame. The market dropped below the dashed blue intraday trend line and hit the technical support at the level of $56.78. The momentum is not hovering around its fifty level and the market conditions look oversold, so any positive outcome from the OPEC meeting might result in surge higher in oil. The nearest resistance is seen at the level of $58.59 and $59.04.


Market Snapshot: DAX head and shoulders pattern still in progress

The price of German DAX index keeps making a right shoulder in a head and shoulders technical pattern. This arm starts to look like a triangle now as the price is bouncing back and forth from the support and resistance levels. Any break out above 13, 200 will invalidate this pattern. The key support is seen at the level of 12,911.


Market Snapshot: Gold still in the channel zone

The price of Gold is back to the lower channel line at the level of $1,280 after a failure to rally at the upper channel line at the level of $1,298. The next technical support is seen at the level of $1,276. The key technical resistance is still the zone between the levels of $1,298 - $1,305.


The material has been provided by InstaForex Company -