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

OPEC+ panel endorsed the oil producer group's current output policy at a meeting on Wednesday - 2nd February 2023, leaving production cuts as agreed last year in place amid hopes of higher Chinese demand and uncertain prospects for Russian supply. Despite fundamental expectations, the US Oil prices tumbled 8.5% during the course of last week's trading session to signal a fresh dent in oil market sentiment for the month of February. This video illustrates a technical perspective on the current market structure for trading opportunities in the coming week.

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 buying pressure appearing right above the demand zone identified in the video around the $73.50 zone and this has led to the breakout of the new resistance for the week at the $73.90 level. So, we continue to lookout ofr buying opportunities above the $73.90 level. We will not ignore the possibilities of selling opportunities from this juncture at a breakdown/retest of the $73.50/73.35 zone... update coming up soon.

Good morning

Trade active:

Secure the current buy position.

Trade active:

So, after being taken out of the buy position at break-even; a sell position was triggered at the breakdown of the support level at the $73.50 level... Secure sell position

Trade closed manually:

Taken out of sell position at break-even

Trade active:

The flat channel appears to have expanded hence I have readjusted the resistance level to $74.20 to suit the current structure.

Trade active:

Secure buy position as price action breaks out of the $74.20 level identified earlier

Trade active:

130pips in profit, secure buy position as we anticipate another opportunity to add more positions.

Good morning

Trade active:

Secure all buy positions as second position gets triggered at the breakout of the $75.50 level

Trade active:

Secure positions as we anticipate more opportunities

Trade active:

We discussed this at length during our live session today; secure all buy positions as selling pressure resumes around the $76.20 level that shares a confluence with the bearish trendline. So, a breakdown/retest of the $75.50 level will welcome selling opportunities.

Trade active:

Secure the sell position as the current structure still has a bullish potential.

Trade active:

Getting prepared for a buy position at the breakout/retest of the $76.20 level as buying pressure resumes

Trade active:

Secure the buy position

Trade active:

Secure buy position(s)

Good morning

Trade closed: target reached:

TP target hit on all previous open positions as a new buy position was triggered at the breakout of $78.00 level; secure the current position now

Trade active:

UPDATE

Watch the replay of our live session on my channel for details

Trade active:

Trade active:

Keeping the current buy position secured

Good morning

Trade closed manually:

Out of all buy positions

Trade active:

Price action is back into the $78 level - a level that was broken to the downside 5 hours ago. We shall be patient to see how price action reacts with this level to decide what our next line of action will be. Selling pressure (rejection) will incite selling opportunities and if the price climbs above this level, followed by buying pressure we shall then look for buying opportunities. Update coming up soon

Trade active:

We have witnessed selling pressure below the $78.00 level in the last 11 hours as sellers are finding it difficult to break down the $77.80 level. If the buying pressure from this level continues, a breakout/retest of the $78.00 level shall welcome buying opportunities. However, a breakdown retest of the $77.80 level will welcome selling opportunities. Update coming soon.

Good morning

Trade active:

Secure the buy positions as price action breaks out the $78.00 level

Trade closed: target reached:

Both buy positions hit TP targets at the $80 level with over 300 pips in profit.

Another buy position at breakout/retest of the $80 welcomes another position

Trade active:

Just as discussed during our live session this morning (see video on my youtub channel); the sell position triggered after the breakdown/retest of the $80 level. Tp target within 79.00 and 89.40 - where we are looking forward to buying opportunity

Trade closed: target reached:

TP target hit with 120pips profit. We look forward to the Michigan Consumer Sentiment Index which is coming up in 20 minutes and with the appearance of buying pressure within the identified buy zone ($78.60 zone), anticipating a breakout/retest of the $79.30 level for buying opportunities. However, a selling opportunity will be considered if a breakdown/retest of the $78.60 level happens.

Trade active:

Secure the current buy position as the price action is running with 73pips in profit... Looking forward to adding more positions.

Trade active:

Secure buy position as we look forward to buying opportunities above the $80 level. However, with the continued selling pressure below the $80 level again; a breakdown/retest of the $79.00 level will welcome selling opportunities.

Trade active: