darcsherry

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

Short
darcsherry Updated   
TVC:USOIL   CFDs on WTI Crude Oil
This is a follow-up video on my previous analysis as a breakdown of the demand zone at the $83 area appears to be a bearish signal. In the next week, I expect to see the price move back into the $83 area where a rejection or breakout of this level might signal the direction of price action.

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Trade active: Since testing the highest point it has reached at $80 this week, a final breakdown of the $79 level appears to incite a trend continuation to the downside.


Good morning
Trade active: Re-entry in profit; moving my stoploss

Trade active: Price continues to move as expected; another opportunity to add position to existing trade.


Good morning
Trade active: Price is still within the sell window which is around 50 and 78.6% of the previous leg hence the bearish opportunity remains valid. Below the $79 area remains a comfortable zone to sell

Comment: Selling momentum appears to be stalling as the price was unable to break below the previous low in the last 24 hours. Could this be the beginning of a reversal pattern aiming at the $83 zone?

Moving my stop-loss


Good morning
Trade active: Stopped at break-even and price action appears to be evolving into a reversal pattern. A retest of the structure might confirm a bullish momentum... waiting for entry opportunities.

Trade active: Patience is required here as I hope to see rejections of the neckline at the $79 area to buy the USOil.


Good morning
Trade active: I shared a full scope of how and why I took this selling opportunity despite sighting a breakout of the neckline yesterday during my live studio session which is shared on my youtub channel. Let's see what happens if the price gets to the $79 area (my TP target for the selling opportunity).

Trade closed manually: Market structure is looking bullish at the moment. I am on the road hence won't be able to give a detailed analysis... I will be dropping something as soon as I am back. Cheers
Comment: Pulling up in a parking lot now...

So, the price action is at a very critical zone at the $83 zone where a reversal move to the downside is possible considering the significant structure in the past when it has served as a sell zone. To be sure of this proposed bearish move, I want to see a breakdown of the newly identified bullish trendline for a signal. However, if a significant breakout/retest of the $83 zone happens then preparation for a bullish momentum will be put in place.

Trade active: Even as I have sighted a breakdown/retest of the bullish trendline (which I projected yesterday evening); I am of the opinion that the likelihood of a bullish momentum still lingers and this observation is as a result of multiple rejections of the $81 by the buyers hereby making this zone a temporary demand zone at the moment hence I will be looking forward to a breakout/retest of the $83 zone to buy the USOil. However, if the price breaks down/retests the demand zone at $81, then I will be looking at selling options.


Good morning
Trade active: And this is what will be happening (screenshot below) if a breakout of the $83 level does not happen - selling option right below the $81 zone (breakdown of the demand zone will be negating all bullish expectations)

Trade active: Triggered

Trade active: Buying pressure appears; moving my stop loss

Trade active: 150 pips in profit.

Good night and happy weekend


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