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

darcsherry Updated   
TVC:USOIL   CFDs on WTI Crude Oil
This is a follow-up video to my previous analysis on the USOil as we did make a minimum of 350pips in total to close last week. Oil bulls culminated in a loss during the later part of last week's trading session after a surprisingly higher U.S. inflation print for August reinforced expectations for more super-sized Federal Reserve rate hikes. Even as the selling pressure appears emphatic, the current market structure remains ambiguous.

Risk 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: The week started with a huge gap to begin trading at $81 then the price was caught within the $81 and $82 zone before the final break out of the structure in the last couple of hours to incite a possible bullish momentum for the week. Lets see if a retest of structure will be sending price to the upside.

Good morning
Trade active: Bullish expectation still valid

Trade active: 135 pips in profit; moving stop loss

Trade active: 180pips in profit; moving stop-loss

Good morning
Trade active: Price is at the key level ($85) identified in the video with about 300pips in profit. I have moved my stop-loss and extended my TP. If it happens that we witness a retest of the $84.50 structure, I will be adding a position to my existing trade.

Trade active: 420 pips in profit; moving stop loss as the price breaks out of the major key level at $85. I look forward to the market giving me a second chance to add more positions to this trade at a retest of structure or key level at the $85 zone today.

Good morning
Trade active: As sellers continue to reject the $87.00 level; We might be having a reversal pattern here if a breakdown/retest of the $86.00 level happens

Trade closed: target reached: Buy position hits TP target with 580 pips profit

Update coming soon
Trade active: Following the profit taking yesterday, the price has been caught within the channel of $88.50/87.50 as sellers continue to reject bullish insinuation at the $88.50 area. So, I look forward to selling the breakdown/retest of the $87.50 level which might be the beginning of a retracement phase. However, if a breakout/retest of the resistance - $88.50 happens then a trend continuation will be an obvious option.

Good morning
Trade active: OPEC+ had its first physical meeting since the pandemic yesterday and has decided to cut oil production which is definitely going to have an immense impact on prices move if it has not already. However, it is worth noting how emphatic the bullish momentum has been since the beginning of this week and I think the trend might continue into the end of today but if a breakdown retest of the $81 area happens; then selling momentum might be an option as this could be as a result of profit taking activities from participants who took advantage of the cheap price at the beginning of the week.

Good morning
Trade active: roughly 120pips in profit; securing the position

Trade active: 185pips in profit; moving stop-loss

Trade closed: target reached: Trade closed with 380 pips profit and a total of 960pips for this week. Done for the week...

Happy weekend


The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.