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

Driven by worries about demand linked to recession risks and the strain in the US banking sector, the oil prices experienced a dramatic decline in the previous week (6.5% drop). However, Oil prices received a boost after Friday’s robust US jobs report which eased concerns over the prospect of a downturn in the economy as strong jobs growth is often a plus for oil, whose consumption depends on peoples’ mobility and economic vibrancy. The US economic docket will be closely watched in the coming week as the US Department of Labor Statistics is set to release April inflation data on Wednesday with economists expecting the core consumer price index, which excludes volatile food and fuel prices, to increase by 5.5% on a year-over-year basis, after a 5.6% increase a month earlier. A weaker-than-expected reading could increase the expectations for a rate cut which in turn may cause a price correction upward in the coming weeks for the oil commodity but a beyond-expectation data would support the case for interest rate hikes in the future. In this video, we dissected the market structure from a technical standpoint to sniff out trading opportunities ahead of the new week.

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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.
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Past performance is not necessarily indicative of future results.

Comment:

Waiting for a signal in the form of either a breakout or breakdown of the structure identified on the chart.

Good Morning

Trade active:

Buy position triggered, secure all positions

Trade active:

UPDATE

Trade active:

Secure buy position as selling pressure resumes along the resistance line of the descending channel we discussed at length during our live session today.

Trade active:

Selling pressure continues along the resistance line of the descending channel identified in the video. While looking out for more buy positions, Let's keep the option of selling opportunities open at the breakdown/retest of the 72.60 level

Trade active:

Sell position triggered as rejection of the resistance line of the descending channel continues.

Good morning

Trade active:

Time to secure sell position as we anticipate more opportunities

Trade closed manually:

Fallout from our live session this morning

Trade active:

Ensure the sell position is secured as buying pressure resumes. Remember what we said about this during our live session? If price action finds it difficult to break down the 72.00 level, a breakout/retest of the trendline & at 72.60 will welcome buying opportunities.

Trade active:

Time to secure the buy position as price action breaks out of the trendline. Looking out for more opportunities

Trade active:

Current structure still ooking bullish. We shall discuss this in detail during the live session today

Good MOrning

Trade active:

Secure buy position

Trade active:

Price action remains choppy since the beginning of the week with the potential of a bullish momentum still valid. Secure the buy position as we look out for more opportunities at the breakout/retest of the 73.50 level.

Good MOrning

Trade closed manually:

UPDATE
Price action takes out the buy position.

Trade active:

Secure sell position as we are back into sellers' territory. Price action is now below the resistance trendline of the descending channel. Waiting for more opportunities

Trade active:

UPDATE

Sell pressure continues