resistance at $1.29 Looks like IAE wants to make another run at the $1.29 resistance level, perhaps by the end of this week. IMHO to break through this resistance and move solidly to the next trading band of $1.30-$1.50 we require crude to continue showing some ability to stabilize and strengthen here. OPEC continues to be under tremendous pressure to do something constructive and, if crude does not stabilize itself soon I expect an emergency meeting by the end of March. The political rhetoric, finger pointing and jawboning within OPEC and between non-OPEC countries seems to be dying down which is a good start. The required 1.5M bbl production cut to balance the market and return prices back to a sustainable $70+ is quite small and could easily be achieved with the cooperation of OPEC and one or two non-OPEC countries.
Here is an interesting article:
https://www.cnbc.com/id/102292474