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

Last week's trading session saw Oil prices jump as Russia respond to the G7’s price caps by announcing production cuts by 500,000 bpd (accounting for 5% of its output in March) and its own minimum price structure. We were opportune to be part of the bullish momentum (see link below for reference purposes) which later capped at the key level at the $80.00 mark at end of the week. In this video, we looked at the current market structure from a technical standpoint where the $80 zone will be our center of focus at the beginning of the new week.

00:30 Reference to last week's daily commentaries and results
02:52 USOil Technical analysis on Daily chart
07:04 USOil Technical analysis on 4H Timeframe against next week
08:00 Conclusion on next week's expectation for the USOil

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:

A bearish gap has been observed at the beginning of this week as price drops below our key level at the $80.00 Level. Currently price is trading along the bullish trendline ($79.00) that has been supporting bullish momentum since last week's trading session. So, patience is required at this juncture as we have a new structure to guide trading activities for the week in the chart below.

Good morning

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Zooming in to the outlook on the 15 minutes timeframe

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Got feedback regarding the incorrect data on the update in my previous 15-minute timeframe. Find below the readjusted data;

Trade active:

We discussed this at length during our live session today; secure all buy positions now. You might want to watch the replay of our live session on my channel if you missed it.

Trade closed manually:

Taken out of all buy positions as bias returns to the status quo

Trade active:

Secure the buy position

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Secure all buy positions as price action breaks out of the $80.00 Level for the first time in 3 weeks.

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After being taken out of the previous buy position with about 80pips profit, we have a re-entry triggered at the $79.50 level; secure positions.

Good morning

Trade closed manually:

Selling pressure resumes as we return to status quo

Trade active:

As bullish expectation gradually evolves with a breakout of the $79.50 highly likely, we shall keep the option of selling the USOil below the $79.00 level

Trade active:

Secure the sell positions as price action finally breaks our support at $79.00 Level

Good morning

Trade active:

Just as discussed during our live session today (watch the video on my youtub channel); secure the buy position as we remain patient to see how the price reacts to the $79.00 level

Trade active:

Ensure the buy position is secured as selling pressure resumes below the $79.00 Level; So, a breakdown/retest of the $78.00 level will welcome selling opportunities

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After being taken out of the sell position below the $78 level, the breakout of the bearish trendline is a good signal that emphasizes the strength of the buyers above the $78.20 level (previous buy position).

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Secure all buy positions

Good morning

Trade active:

Just as discussed during the live session, we had a buy position triggered after identifying a potential buy zone (video of live session will be uploaded soon)

Trade active:

Secure buy positions

Trade closed manually:

Trade active:

Sell position triggered at the breakdown/retest of the $78.00 level; time to secure position

Good morning

Trade active:

If you missed our live session this morning, watch the video on my channel for reference purposes

Trade active:

Breakdown of $76.60 level happens, secure all sell positions