USOILSPOT Weekly Analysis: New Perspective and Follow-Up Details

Join me as we delve into the fundamental factors surrounding the upcoming OPEC+ meeting, taking place over the weekend. During this crucial gathering, OPEC+ members are expected to make important decisions regarding new production cut levels. These measures aim to regain control of oil prices by counteracting the influence of short-sellers and maintaining a target price of $80 or higher. This strategy involves creating an artificial supply squeeze to drive prices up. As a result, the outcome of the OPEC meeting adds an exciting layer of anticipation to the market's reaction on Monday.

In addition, this video includes a comprehensive technical analysis of USOILSPOT, focusing on key support and resistance levels, as well as trendlines identified in the 4-hour timeframe. By examining these indicators, I aim to provide insights into the potential direction of price action for USOILSPOT in the upcoming week.

Don't miss out on this insightful analysis, which combines fundamental factors and technical analysis to enhance your understanding of USOILSPOT's future trajectory. Stay ahead of the curve by watching this video now!

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.

Comment:

The new week opened with a bullish gap as price action remain above our key level at the 73.00 level and with a simple flat channel identified on the 1H timeframe; we are going to be waiting patiently for signals in the form of a breakout/breakdown of the range for trading opportunities.

Good Morning

Trade active:

UPDATE

Trade active:

The buy position has been closed, and simultaneously, the sell order has been triggered as the 72.50 level is broken. The market sentiment remains uncertain, and therefore, we consider the 72.85 level as a crucial indicator for monitoring bearish momentum at this point. It is advisable to secure the sell position as we look out for more opportunities.

Trade closed manually:

The sell position has been closed at the breakeven point, and we have returned to our initial plan as the price action re-enters the range.

Comment:

UPDATE

Trade active:

We've accumulated a profit of 210 pips from our two active positions. Now is the moment to protect and secure all of our sell positions.

Good Morning

Trade active:

We have included an additional sell position to our existing holdings at the breakdown of the 70.90 level, and it is now prudent to secure all sell positions while remaining vigilant for further opportunities.

Trade closed manually:

As the price action has retraced back to the key level at 72.00, all sell positions are closed. Now, we will exercise patience and observe how the price action responds to this level before determining our next course of action.

Trade active:

The market structure has displayed a bearish outlook since the start of the week, supported by the presence of a descending channel. Additionally, trading activities remain below the weekly key level of 72.00, which holds significance. It is advisable to secure any sell positions below this key level at this point, while also closely monitoring the price action for further developments.

Good Morning

Trade active:

Now is the opportune moment to secure all buy positions as the price action has surpassed both the 72.00 and 72.50 levels to trigger our buy positions.

Trade closed manually:

The buy position was closed at break-even due to the buyers facing difficulty in gaining momentum above 72.50. At this point, we will exercise patience as we observe how the price responds to the levels ranging from 72.50 to the key level at 72.00. This will help us determine our next course of action.

Trade active:

The buying position has been activated, and it seems that buyers are steadily building momentum this morning. Our primary reference point for today's trading activities is the bullish trendline, as we keep an eye out for additional opportunities at the breakout/retest of the 73.20 level. However, if the trendline breaks down and is retested, it may indicate a potential selling opportunity. We will delve into this topic extensively during our live session this morning.

Good Morning

Trade active:

It is advisable to lock in the buy position as selling pressure once again reemerges at the 73.20 level.

Trade active:

As the price action breaks down the ascending trendline, triggering the sell-stop order, it is advisable to secure the sell positions. We will continue to monitor the market for additional opportunities. Stay tuned for an upcoming update.

Trade closed manually:

All sell positions closed with some profit, and it seems that the price action has entered a consolidation phase. I will be providing an update on a shorter time frame shortly. Please stay tuned for further information.

Good Morning

Trade active:

Structural update from our live session this morning on the 15-minute timeframe. Time to secure the current buy position