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

Following the OPEC+ decision to cut oil production 2 weeks; we have witnessed an increase in the price of crude oil. However, during last week's trading session, there was a drop in oil prices which could be a s a result of "take profit" activities and we still do not know how far the retracement move will go. It appears that the fears of recession and weak oil demand, especially in China, is outweighing the move to cut oil production at the moment, but from a technical standpoint, this video explains where to look out for buying opportunities that is likely going to be inciting the second phase of the bullish momentum that started two weeks ago.

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:

We are still monitoring price action as trading has continued between $86.50 and $85.50 since the beginning of the week. From the current structure, we shall be waiting for a signal in the form of a break out of the channel.

Good morning.

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UPDATE
buying pressure right above the key level at the $86.00 area

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UPDATE

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No breakout/retest of the key level as the price continues to trade under the $86 level... Update coming soon

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Still waiting... patience is required at this juncture in the market as a consolidation phase still persist since the beginning of the week.

Good morning

Comment:

A final breakdown of the $85 level is likely going to be a bearish signal (I missed this move). Lets see if the market is going to present us with another opportunity to join the decline... It is also important to state here that we might be seeing a sudden bullish momentum as price action is right at the retest of the structure that was broken a couple of weeks ago (see daily timeframe)

Trade active:

Since missing the bearish move yesterday, I am still waiting for a trading setup... Waiting to see how the price is going to relate to the $85 area to make a decision. A reversal pattern or breakout of structure will decide if we are buying or selling.

Good morning

Trade active:

I just discovered a potential bearish momentum on the 15 minutes timeframe. I will be considering this a short-term bearish move hence the need to move stop-loss accordingly to protect the position against any sudden pullback as the price moved in the proposed direction.

Comment:

Closed manually with a loss as this could be the beginning of the second wave of the bullish momentum. Even with the possibility of a selling opportunity below the $83.50 level open, Let's see if this structure will turn out to be a reversal pattern... Update coming soon

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The expectation of a reversal pattern was well explained during my live session today. I will be uploading the video on my youtub channel in a moment. We might be looking forward to the second phase of the bullish momentum that started two weeks ago.

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A summary of our expectations of the USOil during the live session (on my youtub)today is illustrated with the arrow.

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Selling pressure increases below the $84 level

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No decision yet as we still await the breakdown of the trendline for a bearish signal

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Now, patience is required at this juncture as price action significantly breaks out of the $84 level which appears to be the neckline of the supposed reversal pattern in the form of a double bottom structure. Will the breakout of this neckline at the $84 level be a bullish signal? Well to answer this, we want to wait for a retest of the structure followed by buying pressure around the neckline area to join the potential rally. We shouldn't forget the sell window identified below the major key level at $86 at all since trading is still below the $86 area (see video)... The transition of price action in the next couple of hours will determine what our next move will be... Update coming soon

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Is it time to get ready for the second wave of bullish momentum?

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UPDATE

Good morning

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Position secured and planning to add a position at breakout/retest of the $86 level

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Ensuring that position is secured as we look forward to a breakout/retest of the $86 level to join the potential rally.

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Selling pressure identified. Position secured

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Break-even as the price comes back to the entry point.

So, the price is back at the neckline; will this be a retest of the structure or a breakdown of the structure? Waiting to see how the price reacts to this area.

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So, this is what I saw on the lower timeframe. With the current market structure; buying the breakout/retest of the $85 level looks promising as long the price does not break down the $84 level.

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UPDATE

Please let's take note that it is an engulfing candle out of the $85 mark that we are looking for (a significant move).

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The $84 level continues to hold buying pressure in the last 10 hours. We continue to monitor price action

Good morning

Trade active:

Price breaks below the $84 level - the neckline of the reversal pattern identified earlier. My waiting continues as the need to see how price relates to this structure before making a decision becomes important. Is it going to be a breakdown/retest of the structure or is price action going to transition into buying pressure? Only time can tell
#patience

Trade active:

Sellers appear to have taken this market... Check my analysis during the live session today on my youtub channel

Trade active:

Looking for selling pressure in the form of a reversal pattern to incite the trend continuation to the downside. It is important to note here that below the $84 level is looking good to open a sell position

Trade closed manually:

Considering the instability of the USD'S value at this time; protect your position if you are in a sell trade.

Done for the week

Happy weekend to you!