USOILSPOT Weekly Analysis: New Perspective and Follow-Up Details

The USOILSPOT market witnessed a remarkable surge in momentum last week, fueled by positive economic data from the Chinese government. As a result, USOILSPOT closed around the $72.00 zone, allowing us to secure over 500 pips in profit through multiple entries.

The rise in oil prices was primarily driven by increased Chinese demand and supply cuts from OPEC+. China's strong refinery output, reaching its second-highest level on record, contributed to the growing demand for oil. Furthermore, the CEO of Kuwait Petroleum Corp expects Chinese oil demand to continue rising in the second half of the year.

It's important to note that the voluntary crude output cuts by OPEC+ and the weaker US Dollar following the Federal Reserve's decision to hold rates unchanged are supporting factors for US oil prices.

In this video, we will provide a comprehensive technical analysis of USOILSPOT. We will focus on key support and resistance levels, as well as trendlines identified in the 4-hour timeframe. By examining these indicators, we aim to provide insights into the potential direction of price action for USOILSPOT in the upcoming week.

Don't miss out on this valuable technical analysis that will enhance your understanding of the future trajectory of USOILSPOT. Stay ahead of the curve by watching the video now!

Disclaimer Notice:
Please be aware that margin trading in the foreign exchange market, including commodity trading, CFDs, stocks, and other instruments, carries a high level of risk and may not be suitable for all investors. The content of this speculative material, including all data, is provided by me for educational purposes only and to assist in making independent investment decisions. All information presented here is for reference purposes only, and I do not assume any responsibility for its accuracy.

It is important that you carefully evaluate your investment experience, financial situation, investment objectives, and risk tolerance level. Before making any investment, it is advisable to consult with your independent financial advisor to assess the suitability of your circumstances.

Please note that I cannot guarantee the accuracy of the information provided, and I am not liable for any loss or damage that may directly or indirectly result from the content or the receipt of any instructions or notifications associated with it.

Remember that past performance is not necessarily indicative of future results. Keep this in mind while considering any investment opportunities.

Comment:

We can see a bearish gap indicating the direction of trading activities over the weekend. The price movement is currently within a range and it is still above the ascending trendline we identified in the 1-hour timeframe. This suggests the possibility of bullish momentum, particularly if there is a breakout/retest of the new resistance line for the week at the $71.45 level. However, if the price breaks down/retests the new support line for the week at the $70.85 level, it could trigger a bearish movement and also result in the breakdown of the ascending trendline. We will discuss these possibilities in more detail during our live session this morning.

Good Morning

Trade active:

With a profit of 36 pips currently running, it is now advisable to secure the existing buy position while keeping an eye out for additional trading opportunities.

Trade closed manually:

The buy position has been closed at break-even as we are back to the previous structural setup. Now, if there is a retest of $71.45 (in the presence of ongoing selling pressure below this level), we will be monitoring the market for potential selling opportunities. An update will be provided shortly.

Trade active:

A buy position has been initiated, and we will continue to seek additional buying opportunities as long as the price action remains above the ascending trendlines. We will maintain our bullish bias in this regard.

Good Morning

Trade active:

UPDATE

Trade closed manually:

The buy position closed with a small profit as the selling pressure continues to persist. The price remains under constant selling pressure below the $72.00 level. If there is a breakdown or retest of the $71.45 level and trendline, it will present selling opportunities.

Trade active:

Secure all sell positions now

Trade active:

UPDATE

Trade closed manually:

In light of the newly established ascending trendline that will influence today's trading activities, all sell positions have been terminated. The potential for a bearish momentum remains significant as long as the price stays below our crucial threshold of $72.00.

Good Morning

Trade active:

Secure buy position

Trade active:

The bullish bias remains intact as long as the price remains above the week's key level of the $72.00 zone. It is advisable to secure the buy position in this scenario.

Good Morning

Trade closed manually:

Break-even hit; intending to sell upon market retest of structure.

Trade active:

It's time to close all sell positions as we remain vigilant for additional opportunities.

Trade active:

Over 400 pips in profit from 3 positions; time to secure positions

Trade closed: target reached:

The price action has tested the $69.00 level and successfully reached the take profit (TP) target, generating over 500 pips across three positions. Our focus now shifts to observing the market participants' reactions at the $69.00 level to determine our next course of action.

Wishing you a restful night.

Comment:

Following a profitable day, is slowly taking shape. We need to be patient as new structures develop.

Good Morning

Trade active:

UPDATE