USOILSPOT Weekly Analysis: New Perspective and Follow-Up Details

In recent weeks, we have witnessed a remarkable surge in oil prices, and the current market still exhibits the potential to add to growth over the coming sessions. This upward trajectory in price is a positive development for the OPEC+ in their attempt to break beyond the coveted threshold of $80 a barrel.

The remarkable upswing in oil prices can be attributed to a multitude of supporting factors. Notably, the decisive OPEC+ decisions on production cuts, coupled with receding inflation data from the US economy, have fostered the belief that the Federal Reserve will adopt a less aggressive stance towards interest rates in the future. This, in turn, has pushed the dollar to its lowest levels in 15 months, rendering dollar-denominated oil increasingly appealing to buyers utilizing alternative currencies.

USOILSPOT Technical Analysis:
In this video, we focus specifically on key supply and demand zones within the 4H and 1H timeframes, and following a thorough examination of these pivotal indicators, our primary objective is to provide ourselves with invaluable insights into the potential direction of price action for USOILSPOT in the upcoming week."

"Don't miss out on this invaluable opportunity to enhance your understanding of the future trajectory of USOILSPOT. Stay one step ahead of the curve and gain a distinct competitive edge by immersing yourself in this price-action-based technical analysis. Watch the video now and ensure you remain at the forefront of the ever-evolving oil market

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.

Please note that I cannot guarantee the accuracy of the information provided, and I am not liable for any loss or damage that may directly or indirectly result from the content or the receipt of any instructions or notifications associated with it.

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

Trade active:

The beginning of the new week has commenced with a bearish tone, as the price action decisively breaches both the demand zone and the ascending trendline, indicating the continuation of a downtrend. If you happened to miss the initial breakdown, a retest of the market's structure will serve as a confirmation to either join the ongoing trend or consider adding to existing positions.

Good Morning

Trade closed manually:

The sell position was closed at breakeven due to a sudden bullish spike in the price of US oil. Despite this, potential selling opportunities persist around $74.50 and $74.45. Conversely, if there is a breakout or retest of $75.00, it could present buying opportunities.

Comment:

UPDATE

Trade active:

Secure sell position as we look out for more opportunities

Good Morning

Trade active:

Fall out from our live session this morning; observed the appearance of buying pressure as sellers struggle to break the $73.75 level

Trade active:

Secure all buy positions as we look out for more trading opportunities

Trade active:

Approximately 200 pips in profit from three positions; secure positions now

Trade active:

It is recommended to secure all buy positions while maintaining a bullish outlook as long as the price remains above the week's key level at $75.25. This key zone serves as a significant reference point to monitor, ensuring a favorable stance in the market.

Good Morning

Trade active:

Fall out from our live session this morning

Trade active:

UPDATE

Secure all buy positions

Trade closed manually:

The price action triggers a closure of all buy positions, securing approximately 250 pips in profits, as trading activities revert to the week's key level at $75.25. It's important to observe that the emergence of buying pressure above this key level may lead to further bullish momentum. Conversely, a breach of the key level could present selling opportunities, although we must exercise caution and wait for confirmation before considering any new positions at this point.

Good Morning

Trade active:

UPDATE

Trade active:

Secure buy positions

Good Morning

Trade active:

Following up on our live session this morning; secure buy positions as we look out for more trading opportunities.