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

Oil prices reversed on Thursday and Friday to transition into a choppy situation to the disappointment of buyers as talks to raise the U.S. debt ceiling hit an impasse. Market participants were reluctant to have open buy positions into the weekend, on the off chance that an agreement to raise the U.S. government’s debt ceiling is struck over the weekend which could result in a huge gap at the beginning of the incoming week. In this video, we acknowledged the consolidation phase (between 70 and 74 zones) - a range that will be a determinant of price action in the coming week.

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Comment:

The week has started on a bearish note but remains within a range. Waiting patiently for signals

Good MOrning

Trade active:

Secure all buy positions

Trade active:

UPDATE

Trade closed manually:

Price action takes out the buy position with a small profit as a choppy situation is observed along the bearish trendline identified in the video hereby increasing the potential for bearish expectations. Waiting for a structure to mature.

Good MOrning

Trade active:

Secure buy positions

Trade active:

UPDATE

Ensure buy position is secured

Trade active:

UPDATE

Trade active:

Secure all buy positions

Good Morning

Trade active:

Fall out from our live session this morning; secure all buy positions as we have another position triggered at the breakout of the 73.90 level

Trade active:

Despite caught within a range in the last 48 hours, structure still remain bullish ahead of the FOMC today. We are ofcourse going to keep the option of selling open if price breakdown/retest 73.50 zone.

Good Morning

Trade active:

Fallout from our morning live session; secure sell position as price breaks down the trendline and the 73.50 level

Trade active:

Time to secure sell position

Trade active:

Secure all sell positions; the GDP data came in positive at 1.3% as buying pressure resumes around the 72.50 zone

Trade active:

Secure all sell postions

Trade active:

Following a strong impulsive bearish move that gave us over 300 pips yesterday, it appears price action has found "support" at what looks like a retest of the descending trendline that was broken to the upside at the beginning of the week.

Good Morning

Trade active:

Fall out from our live session this morning

Trade active:

Secure positions as second buy position is triggered