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

Amidst reports that oil loadings from Russia's Baltic ports were set to rise by 50% this month; the price of oil continues to drop as the $82.50 level remains a strong ceiling for selling pressure - a feat which has lasted for 3 months now. Also, OPEC+ is expected to meet on Feb. 1 to decide its monthly production targets and this is one event major players in the market will be looking forward to making a well-informed decision on trading possibilities. From a technical standpoint, we have decided to utilize the $80 key level as a yardstick for trading activities in the coming week and this is detailed in this video.

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:

A potential channel identified between the $80.50 and $79.00 zone. Waiting for a signal in the form of either a breakout or breakdown of the range.

Good morning

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Outlook on 5 minutes timeframe

As buying pressure continues above the $79.00 level, a buy position is triggered with anticipation of adding more at the breakout/retest of the $79.50 level

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5-minute outlook

We discussed at length the trade management strategy during our live session this morning - watch the replay on my channel. Secure all buy positions

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Outlook on 1H timeframe

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After being taken out of the buy position, the sell position triggers at the breakdown/retest of the $79.00 level. Update coming up soon

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Secure sell positions

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Secure all sell positions as the second position was triggered at the breakdown/retest of the $78.20 level

Good morning

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Secure all positions - see you at the live studio session

Comment:

After being taken out of the sell position with over 200 pips profit; a bullish move has been observed. Selling pressure below the $79.00 level should welcome another selling opportunity. However, if the price breakout/retests this structure, we shall be looking out for opportunities to join the bullish momentum. Update coming up soon

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For our next line of action; find below our outlook on the 15 minute timeframe for details

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Secure the current buy position as selling pressure resumes

Happy new month!

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The takeout of the buy position at break-even has a high chance of inciting selling opportunities at the breakdown/retest of the $79 level.

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Find below the trading setup we identified during our live session today; see the video replay on my channel for reference purposes.

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In anticipation of the OPEC+ meeting, Secure buy positions

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After been taken out of the buy position with about 30 pips profit; Sell stop order was triggered at the breakdown/retest of the $79 level and this was fully discussed during our live session today (video on my channel)

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Secure all sell positions

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Secure the sell position as selling pressure continues

Good morning

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If sellers find it difficult to break down the $76.40 level, a breakout/retest of the $77.40 level has a tendency of inciting a reversal structure.

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Secure sell positions as price action breakdown/retest of the $76.40 level. You might want to watch the outcome of our live session today if you missed it on my channel for more details.

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Taken out at breakeven. The possibilities of buying opportunities at the breakout/retest of the $77.40 still remains open.

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Secure the sell positions.

Good morning

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As buying pressure continues, we might likely see a breakout/retest of the $76.40 level for buying opportunities.

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Buy position triggered

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Secure buy positions

Trade closed manually:

Taken out of the buy position with a small profit. The option of a breakdown of the $75.60 is still open.

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Secure the sell position

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