US Oil SPOT | Perspective for the new week | Follow-up

The week concluded with crude prices surging by a staggering 7%, leaving investors on edge as the Middle East crisis intensified. Israel's announcement of a ground assault on Gaza propelled the region into a new phase of heightened tensions, further fueling market uncertainty. As we look ahead to the coming week, two pivotal factors will shape the direction of oil markets. Firstly, the extent to which the conflict in the Middle East escalates and its potential impact on oil supplies in the world's leading oil-producing region. Secondly, all eyes will be on the eagerly awaited weekly update on US crude stockpiles, set to be released on Wednesday.

Notably, last week witnessed a significant surge in crude stocks, with exports experiencing a sharp decline of nearly 2 million barrels, bringing the daily average to 3.067 million barrels compared to the previous week's 4.956 million barrels. These developments set the stage for a captivating week ahead, filled with anticipation and potential market shifts. Let's explore what lies in store for us in the upcoming week.

US Oil Technical Analysis:
In this video, we delve deep into the 4-hour timeframe, dissecting key supply and demand zones to uncover invaluable insights into the potential trajectory of price action for USOILSPOT in the week ahead.

Join us as we delve into a comprehensive technical analysis of the US oil market, exploring trends, key levels, and chart patterns that hold the key to unlocking profitable opportunities. Don't miss out on this golden opportunity to elevate your understanding of the future path of USOILSPOT. Stay ahead of the curve and gain a distinct competitive edge by immersing yourself in this price-action-based technical analysis.

Disclaimer Notice:
Please be aware that margin trading in the foreign exchange market, including commodity trading, CFDs, stocks, and other instruments, carries a high level of risk and may not be suitable for all investors. The content of this speculative material, including all data, is provided by me for educational purposes only and to assist in making independent investment decisions. All information presented here is for reference purposes only, and I do not assume any responsibility for its accuracy.

It is important that you carefully evaluate your investment experience, financial situation, investment objectives, and risk tolerance level. Before making any investment, it is advisable to consult with your independent financial advisor to assess the suitability of your circumstances.

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Remember that past performance is not necessarily indicative of future results. Keep this in mind while considering any investment opportunities.

Comment:

As anticipated in the video, USOil is currently experiencing selling pressure as the new week unfolds, raising the possibility of a retracement from the bullish momentum that was initiated last Thursday. Over the last 11 hours, price action has been limited within the range of $86.60 and $85.90, indicating a level of uncertainty in the market. Traders appear cautious, refraining from aggressive bets as they await further developments related to the Israel-Hamas clashes.

Given this situation, it is prudent for us to exercise patience and wait for trading signals, such as a breakout or breakdown of the range, in order to identify potential trading opportunities.

Good Morning

Trade active:

UPDATE

Trade closed: stop reached:

Stop-loss hit.
New development: Price action breakdown/retest the support line to incite a sell position.

Trade active:

The dip in oil prices is linked to reports suggesting a possible US-Venezuela deal, likely increasing global oil production. Despite this, it's crucial to safeguard our sell positions due to evident buying pressure around the $85.00 zone - our key level for the week. As discussed in our video, we anticipated a retracement toward the $85/$83.50 zone for a potential uptrend continuation. The critical question now is whether this retracement has concluded. If it has, our focus shifts to the breakout/retest points at $85.90/$86.60 for potential buying opportunities. However, it's essential to exercise caution; a breakdown/retest of the $85 zone could trigger a continuation of the retracement.

Good Morning

Trade active:

The recent spike in oil prices can be attributed to escalating tensions in the Middle East, particularly after a tragic incident at a Gaza hospital claimed hundreds of lives, sparking fears of potential oil supply disruptions. Additionally, the diminishing open interest in the market has played a significant role.

However, it's crucial to note that the current market conditions do not seem to favor a continuation of this upward trend at the moment. Given our existing buy positions, which have accumulated approximately 140 pips in profit from two buy positions, it's advisable to secure these positions to safeguard profits.

Good Morning

Trade active:

Update and follow-up from our recent Forex Morning Mastery live session.

Another buy position triggered at the 87.50 level with over 300 pips in profit from three buy positions.

Trade active:

Oil prices retraced their gains after two consecutive days of upward movement, trading lower around $86.80 per barrel during the Asian session on Thursday. This pullback could be attributed to the US-Venezuela deal, indicating a potential increase in global crude oil production, or might be seen as a short-term corrective move. From a technical perspective, the overall market structure remains bullish as price action hovers above the ascending trendline. It's crucial to note that the ascending trendline continues to be our reference point for guiding today's trading activities.

Good Morning

Trade active:

UPDATE