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

Despite starting the week on a bullish note, fresh new anxieties over inflation and rate hikes rippled across the market and this development resulted in participants dumping their long positions on the US Oil. With continued selling pressure below the key level at $80.00 level, buying opportunity might likely be on hold in the coming week until there are clear signs that support positive feedback from Chinese import data following the lifting of its COVID restrictions. In this video, we looked at the market structure from a technical standpoint and indications suggest continued selling pressure as long as the price remains below the $80 level.

00:50 Reference to last week's daily commentaries and results
05:25 USOil Technical analysis on Daily chart
10:20 USOil Technical analysis on 4H Timeframe against next week
11:35 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:

The week has started on a bullish note and with a buy position triggered secure position. Remember that we need to see how the price reacts to the $78.00 level if it ever gets there to decide if we are going to add to the existing position or get ready for a sell-off.

Good morning

Trade active:

Secure buy position

Trade closed manually:

after being taken out of the buy position, I still look forward to buying opportunities above the $77.90 level but a breakdown/retest of the $76.35 level will welcomes selling opportunities.

Good morning.

Trade active:

Price action takes out the buy position as selling pressure resumes hereby triggering a sell position at the breakdown of the support level at $76.35. Secure the current position as we look forward to more opportunities to add position

Comment:

Markets remain cautious ahead of FOMC minutes (tomorrow) hence the need to be risk averted with our positions. Best of Luck

Trade active:

Secure the sell position as price action trades around around the $76.00 level. We still ned a significant breakdown of this structure for confirmation of this selling opportunities.

Good morning

Trade active:

Secure sell position

Trade active:

OUTLOOK on 15 minutes timeframe

Trade active:

Secure all sell positions

Trade active:

Secure all sell position and lets see how far this bearish momentum is going to go

Trade active:

Trade active:

Secure all sell positions as price action appears to be testing the $74.30 level where it shares a confluence with the bearish trendline. We are at a key moment where how price reacts to this confluence will determine what our next line of action will be. Selling pressure welcomes selling opportunities while a breakout/retest welcomes buying opportunities. Update coming up soon

Trade active:

Trade active:

During our live session which ended a couple of minutes ago (replay video will be uploaded on my channel in a minute), we had a buy position triggered as the price broke out of both the trendline and $74.30 level (transitioning into a reversal pattern). Secure the current position

Comment:

QUICK UPDATE

Trade active:

Secure all buy positions as the second position is triggered at the breakout of the $75.00 level.

Trade active:

Secure all buy positions as buying pressure continues

Trade active:

Still running in profit, secure all buy positions

Good morning

Trade active:

3 positions running in profit; secure all positions as selling pressure resumes at an important confluence. Watch the replay of our live session on this instrument on my video channel for detail on how to manage this trade

Trade active:

Just as discussed during the live session this morning. Price action takes out the buy positions to trigger sell order around the cofluence identified around the $76.00 level

Trade active:

Selling pressure continues hereby leading to the breakdown of the bullish trendline; secure the current sell position as we lookout for opportunities to add more positions

Trade active:

Price action takes out the sell position with a small profit as we return to the status quo, sell stop order below $76.00 level and a breakout/retest of the $76.35 will incite buying opportunities.

Trade active:

Buying pressure resumes, breakout/retest of the $76.35 level welcomes buying opportunities.

Trade active:

Sell stop order sill remains below the $76.00 level