USOil | New perspective for the week | Follow-up detail

The much-expected bullish pressure following the OPEC+ decision to cut oil production appears to be losing steam as bears are defying OPEC+ again. The majority of market participants are of the opinion that the selling pressure witnessed in the previous week is a result of persistent US rate hikes and recession fears but if we take a look at this bearish move from a technical standpoint, it could be a retracement phase which most of the time is a consequence of profit-taking activities. This video illustrated the technical side of the current market structure and highlighted a key level at the 78.00 level which will be serving as our yardstick for trading activities in the coming week.

Disclaimer:
Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.

Trade active:

Price action is currently trading at the 77.69 level - a level that was a demand zone at a point last week. We keep waiting for a signal for trading opportunities.

Good morning

Trade active:

Secure the buy position now

Trade active:

Trade active:

Trade active:

Secure position

Trade active:

Trade active:

Secure buy position as we look out for more opportunities.

Good morning

Trade closed manually:

Price action takes out all positions. We hold on to see how far the bearish move will go... I will keep you posted.

Trade active:

Just as discussed during our live session this morning; the breakdown/retest of the key level at the 78.00 level triggered our first sell position for the week, secure position as we look forward to how long the bearish move will be.

Trade closed manually:

Buying pressure resumes as it takes out all sell positions with a reasonable size of profit. A breakout/retest of the key level at the 78.00 level will welcome buying opportunities.

Good morning

Trade active:

Trendline broken as selling pressure resumes

Trade active:

Secure all sell positions

Trade closed manually:

Taken out of the sell position with a reasonable amount of profit as we remain patient for another trading opportunity. The newly identified trendline will be our guide going forward.

Trade active:

Trade active:

We are right within the potential TP target identified during our live session this morning hence the current position is ripe for profit taking; secure all sell positions

Trade active:

consolidation going on within the potential TP target and buy zone identified during our live session yesterday. If still in the sell position, secure position - we shall talk about this in detail during the live session.

Good morning

Trade active:

Fall out from our live session
15-minute outlook

Trade active:

Secure sell position

Trade active:

Price action takes out the sell position as buying pressure resumes; so we are back to the status quo illustrated on the chart

Trade active:

Looking more bullish as bears appear to lose the momentum needed to break 74.00 level

Comment:

Trade active:

Secure the buy position

Good morning

Trade active:

Fall out from our live session, secure sell positions

Trade closed manually:

Price action takes out the sell position as buying pressure resumes. A breakout/retest of the trendline will welcome buying opportunities

Comment:

selling pressure resumes again

Trade active:

Secure the buy position

Trade closed: target reached:

TP target hit with 175 pips profit. More opportunities to buy at the breakout/retest of the 77.69 zone