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

The OPEC+ oil producers on Sunday announced further oil output cuts of around 1.16 million barrels per day hereby bringing the total volume of cuts by OPEC+ members to 3.66 million bpd according to Reuters calculations - a whopping 3.7% of the global oil demand. The latest reductions have a strong potential of lifting oil prices to new highs. In this video, we looked out for the possibility of taking advantage of any potential move in either direction.

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The week opened with a 47pips bullish gap to send a bullish signal across the market. This move is not unconnected to the OPEC+ member's decision to cut oil production and with an expected cut of 3.66 million bpd, we might witness a surge in demand which is already reflected on the chart. However, we are still going to look at the chat to sniff out a potential move and with the current structure, a breakdown of the $79.00 level could incite a retracement to test the structure before the uptrend continuation happens. However, a breakout/retest of the $80.50 level will welcome buying opportunities. See you at the live session for a detailed explanation.

Good morning

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Fall out from our live session this morning

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Momentum still remains limited

Good morning

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We have a new trendline to guide our trading activities today

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Trade closed: stop reached:

Just as discussed during our live session this morning. A breakdown of the trendline will welcome selling opportunities

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Now, a breakdown of the $80.50 level shall welcome selling opportunties

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buying pressure resumes after bears lose momentum below the $80.50 level. Looking forward to buying opportunities above the $81.25 level

Good morning

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updated market structure

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Secure sell position

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Secure sell position

Good morning

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Fall out from morning live session; ensure all sell positions is secured

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Secure buy position

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US oil prices still struggle around the $80 barrier; detailed discussion during our morning live session ahead of the NFP

Good morning