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

We have been on a profit spree since taking advantage of the breakout of the most anticipated key level at the $86.00 zone.
On Friday, we witnessed a 5% rally in the price of oil, and this is not unconnected to China's decision to ease the COVID-Zero policy and the market overreacted accordingly. Remember, China is the largest importer of Oil hence the ability to drive volatility. From a technical standpoint, as the price edges towards the $93.50 level, I am of the opinion that we wait and see how the price reacts to this level before either making a decision of adding to the existing buy position or hedh=ging out of the position.

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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:

Since the beginning of the week, the price has been caught within the channel $90.80/90.30 area hence the need to wait for a signal in the form of either a breakout or breakdown of the channel for a signal.

Good morning

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Securing position

Trade active:

The final breakout/retest of the $92.00 level is a good sign for the buy position; securing the buy position.

Trade active:

After being taken out with a small profit, the price is back to the entry zone which also lines up with the bullish trendline identified on the 1H timeframe. So, I am of the opinion that the price might respect the trendline to continue a bullish momentum above the $90.80 area but if a breakdown/retest of the trendline with selling pressure under the $90.30 area, a retracement might be the next phase.

Good morning

Trade active:

Selling pressure persisted below $90.80 in the last 6 hours - a bearish engulfing candle under this level could be a signal for a retracement. It is worth noting that this current structure is around a trendline... Are we going to see a breakdown or a trend continuation to the upside?

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UPDATE

Securing position

Trade closed manually:

Break-even level hit as buying pressure re-surfaces. So, I won't be selling again unless a breakdown/retest of the $90.30 level happens. At this juncture, a breakout/retest of the $90.80 level is good for buying opportunities. Update coming soon

Trade active:

Over 200pips in profit; securing the position

Trade closed: target reached:

Taken 260 pips out of this trade as price action comes back to retest the bullish trendline which shares a confluence with the buy zone identified. So, there are two perspectives to look out for at this juncture;
i. breakdown of the trendline into the $86.00 area before the bullish continuation happens or
ii. A reversal pattern right above the bullish trend line to send the price soaring.

Lets be on standby as price action is been monitored... Update coming soon

Good morning

Trade active:

The price is back at the important key level at the $86.00 area which was broken during the course of last week's trading session. The appearance of buying pressure on the lower time frame around this key level will be some structure to lookout for buying opportunities.

Trade active:

Selling pressure continues as sellers break down the $86 level and it appears that the price is consolidating within a new demand zone identified around the $85.00 area. We shall continue to monitor price action and see how price relates to this zone. Congrats to those who held on to the sell position. Lets see if we are going to be seeing buying pressure or a breakdown of this structure... Update e coming soon.

Good morning

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15min timeframe

Since the testing the $85 level price action has been caught within a consolidation phase hereby transposing into a bearish rectangle pattern - trend continuation pattern. Hence the breakdown/retest of the support level looks promising to join the decline.

Trade active:

As buying pressure increases despite the breakdown of the $84.60 level earlier. Let's wait for a breakout of the $85 area to join a potential rally. We are in a zone that has memory for buying power. Update coming soon...

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UPDATE

Trade closed manually:

Stopped out with a small profit as the retest of the $85.00 area still has a tendency for bullish momentum. Update coming soon

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UPDATE

Re-entry triggered, securing position

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The second position is triggered as price action breaks out and retests the $86.00 area to continue the bullish momentum

Good morning

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We talked about this during the live session today (video will be uploaded on youtub in a moment); while we ensure that the current position is secured, I am looking forward to a bullish trend continuation at breakout/retest of structure.

Trade active:

Selling pressure was identified at the retest of the bullish trendline that was broken a couple of days ago. We might be witnessing profit-taking activities which might reflect on the chart as a retracement move. Ensure the buy position is secured to avoid price movement eating into the profit accrued.

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ADVISE

It's Friday, the last trading day of the week!
Counter-trend traders might want to take advantage of the potential profit-taking activities currently going on in the market right now.

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It has been a profitable week... Congratulations to everyone who took part in this movement!

Happy weekend to you