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

The OPEC+ production cut from two weeks ago is yet to reflect the anticipated consequence in the market as price action appears to be completing the retracement of the previous impulse leg that started a couple of weeks ago. A breakout of the $86 mark this week will be a signal for me to buy the USOil.

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Trade active:

Despite expecting a bullish momentum, we can not ignore the fact that the price continues to trade below the $86 key level since last week's trading session and a breakdown of both the trendline and $84.50 level during the early hours of today should also be taking into consideration as this could turn out to be a bearish signal for the week. Hence the need to position for a selling opportunity below this level. To buy the USOil, a significant breakout of the $86 level must happen.

Good mroning

Trade active:

Sellers appear to be losing momentum as buying pressure has increased in the last 18 hours. Let's see what happens in the next couple of hours, any bullish engulfing candle within this structure might negate all selling expectations as our eye remains at a possible breakout of the $86 level to incite the second wave of the bullish momentum that started a couple of weeks ago.

Good morning

Trade active:

UPDATE
Securing position

Trade active:

UPDATE

Close to break even as demand zone identified at the $83 level

Trade active:

Taken out of the sell position at break even. Now there are two possible scenarios to either buy or sell the USOil;
i. Sell the breakdown/retest of the temp demand zone at the $83 level
ii. Buy the breakout/retest of the $86 level

Trade active:

View on 3H Timeframe;
Breakout/retest of $86 level will be a bullish signal

Trade active:

The waiting continues as we look forward to the breakout of the current structure to incite a bullish momentum. So, I have another structure at around the $85 Level mark where a significant breakout of this level could also be considered as a signal.

Good morning

Trade active:

UPDATE
Breakout/Retest of $85

Trade active:

Securing position by moving stoploss as the price is right at the important key level at the $86 mark. waiting for a break above this level to be comfortable in the buy position... Update coming soon

Trade active:

Congratulations!

The most anticipated breakout of the $86 level finally happens. Comfortable in the buy position; securing position is very important now as we hope that the market will present opportunities to add more position to the existing trade.

Trade active:

Over 200pips in profit; looking forward to either a retest of structure or trend continuation pattern to add position to the existing trade...

Trade active:

Selling pressure is witnessed at the $88.00 level and this is likely a result of profit-taking activities which are possibly transposing into a retracement phase. So there are three possible scenarios from this current market structure and this is illustrated with the arrows in the chart below.
Plans: Move stop-loss to desired profit and anticipate a trend continuation signal to join or add to the potential bullish move. There is also the possibility of a counter-trend on a lower timeframe at a breakdown retest of $87.40 level.

Update coming soon

Good morning

Trade active:

BREAKOUT OF THE CHANNEL @ $88.00 Level

A bullish Trend continuation signal appears as it welcomes another opportunity to add a position to the existing trade.

Trade active:

Stopped out with about 200pips and the possibility of a bullish momentum here still looks valid. So, there is two possible scenarios from this junctureure
i. buying pressure above the $87.40 level
ii. if a breakdown/retest of the $87.40 level, then we'll wait for buying pressure from the $86 mark to join the potential trend continuation.
iii. Breakout/retest of the $88 level welcomes an addition to the existing trade.

Good morning

Comment:

We remain patient