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

This is a follow-up video to my previous publication on this commodity where we closed the week with over 1,000pips in profit (see link below for reference purposes).
The price of oil dropped by about 10% during the course of last week trading session and this is likely due to concern about weakened demand in China and further increases to U.S. interest rates. From a technical standpoint, we must keep our expectation open for the week as the tendency of price going either way becomes stronger as the weeks go by. The breakdown of the key level at the $85 level is a strong bearish and we are not sure if a retest of this structure will happen before another phase of decline in price.

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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.
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Past performance is not necessarily indicative of future results.

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Though the price started the week on a bearish tone as it comes back to retest the neckline of the reversal pattern identified in the 15 minutes timeframe. Let's see if the price will respect the neckline to incite a move to the upside. However, if the price breakdown/retests the $79 area, we might be looking at a bearish opportunity (considering the long-term bearish momentum).

Good morning

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This was duly explained during our live session today (video uploaded on my youtub). Price takes out the buy position and with a breakdown of the support level of the channel, with selling pressure under the $79.00 might incite bearish momentum.

Trade closed: target reached:

Congratulations!

360pips profit; Let's see how price action relates to the $75.80 level before making any decision.

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UPDATE
My view on the lower time frame

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The price is right back within the $79.00 level... Congratulations to those who took advantage of this move. At this point, lets see how price will react to this structure before making an informed decision. Update coming uip soon

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QUICK UPDATE

Still waiting for signals. Selling pressure below the $79 level will present selling opportunities.

Comment:

UPDATE

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Selling pressure identified around the $80 level; looking forward to selling at breakdown/retest of this level.

Good morning

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UPDATE

Buying pressure identified above the $80 level in the last 4 hours

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We discussed this during the live session today (video upload soon on youtub channel); Securing position

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UPDATE

Secure position

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Selling pressure is observed; ensure position is secured

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Two possibilities could happen from here and this is illustrated with the arrow on the chart.

Good morning

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We discussed this in detail during the live studio session today (see video on my youtub); Price took out the buy position in small profit as a bearish signal appears in the form of a breakdown of the temporary bullish trendline. Lets see if the market will present another opportunity to add more position(s) to this trade.

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UPDATE

Second position triggered at the retest of the $79.00 level

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FOMC coming up in 10 minutes... A huge spike is very likely at this juncture.

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Secure position as price action remains within the buy zone

Good morning

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So, with a profitable sell position running; the price is within the buy zone identified yesterday during our live session and we have been witnessing buying pressure within this zone in the last 14 hours hereby evolving into a consolidation phase. Is this going to turn out to be a reversal or trend continuation pattern? There are two possible scenarios to expect from this juncture. With no macroeconomic event coming up today, a breakout or breakdown of this structure is likely going to incite where prices might be going in the next couple of hours.

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It has been a long wait as price action remains caught within the $78 and $77 flat channel since morning. We still looking forward to either a breakout or breakdown of the channel for signals.

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Price finally breaks out of the channel; securing position

Good morning

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Secure the buy position as we anticipate a breakout/retest of the $79.00 level to add a position.

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This was duly explained during the live session today; So, after being taken out of the buy position with about 100pips profit, the price is back to the entry zone. We continue to look for buying opportunities above the $78.00 level.