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

Following a profitable week for us, the US Oil prices rose for a fourth consecutive week, riding on global energy agency IEA’s upgraded demand prospects for 2023 to break out of the $82.00 level for the first time in 5 months, but a resurgent of the US dollar on Friday following Fed Governor Waller’s remarks favoring more rate hikes; shook up some of the gains as selling pressure resumed at the $83.40 Level. Higher rates often tend to benefit the dollar, especially against commodities like Oil. Will the breakout of the 82 barrier become a platform for more bullish momentum in the coming week or will it turn out to be just a false breakout? In this video, we looked out for potential trading opportunities from the perspective of both the buyers and sellers and came up with a simple trading set-up that we can use to guide our trading activities in the coming week(s).

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:

The week has started with a consolidation phase as price action is currently trapped within a channel. We are waiting for a signal in the form of either a breakout or a breakdown of the channel.

Good morning

Trade active:

Secure the current sell position as buying pressure resumes

Trade active:

Secure all sell sell positions

Good morning

Trade active:

Fall out from our live session (UPDATE)

Trade active:

Trade closed manually:

Price action takes out tall the sell position as buying pressure resumes. Breakout/retest of the $81.00 level will welcome buying opportunities

Trade active:

Secure all sell positions as we look forward to more opportunities

Good morning

Trade active:

Secure sell position

Trade closed: target reached:

TP target hit at the 78.00 with over 500 pips profit. We are going to see how price action reacts to the 78.00 level for our next line of action.

Good morning

Trade active:

Secure sell posution

Trade active:

Selling pressure continues

Trade active:

Secure all sell positions

Good morning

Trade active:

30-minute outlook
Just as discussed

Trade active:

Secure the buy positions