USOILSPOT Weekly Analysis: New Perspective and Follow-Up Details

The USOil rallied as much as 1.3% on Friday after the Fed’s favorite gauge for U.S. inflation came in beyond expectation for April, indicating that the central bank will raise interest rates again in June and July versus expectations for a pause.
USOILSPOT Fundamental Factors: However, following the U.S. president's announcement via his Twitter handle on Saturday that the much-awaited deal to raise the U.S. debt ceiling has been reached, the potential of the currency and commodity markets to embark on a new wave of risk-taking - after weeks of fear about a government default on payments is now high. Now that the threat of a default is out of the way, assets, including commodities, could move higher when markets reopen on Tuesday after Memorial Day weekend.
USOILSPOT Technical Analysis: In this video, we considered the USOILSPOT Support and Resistance Levels identified on the 4H timeframe as a yardstick to guide trading activities and the USOILSPOT Price Forecast ahead of the coming week.

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Past performance is not necessarily indicative of future results.

Comment:

A bullish gap is observed and price action ranges between the 72.55 and 73.05 level (just above the key level for the week) with an indication that there is still "testing" of water going on and due to the observation of the memorial day in the U.S; there are chances that activities might be a lil bit slow today. With that being said, we await signals for trading opportunities from this current structure.

Good Morning

Trade active:

Secure sell position while we look out for more opportunities

Trade active:

Fallout from our live session today; secure sell positions

Trade closed: target reached:

TP target hit with over 500 pips in profit on 3 positions. I want to see a retest of the 71.00 level for more selling opportunities.

Comment:

After hitting TP target yesterday, price action appears to have found temporary support as we continue to observe buying pressure around the 69.00 level in the last 12 hours. So, we are going to wait patiently to see how price action reacts to this new structure for our next line of action. We shall discuss this in detail during our live session.

Good Morning

Trade active:

Fall out from our morning live session today; 150 pips running in profit; secure sell positions

Trade active:

Price action takes out the sell position with a small profit as it comes back to entry to trigger another sell position. Update coming soon

Trade active:

15 minute timeframe OUTLOOK

A simple setup is identified and trendline remains our guide for trading opportunities going forward

Trade active:

Secure sell positions

Trade closed manually:

Price action takes out the last sell position with a small profit. After a long bearish impulsive move that started this week, price action appears to have found demand as it gradually transitions into a potetnial reversal structure as sellers find it difficult to find lower low.

Happy new month!

Comment:

UPDATE

Trade active:

Secure all buy positions

Trade active:

Secure buy positions

Good MOrning

Comment:

#USOIL SPOT

OUTLOOK on the 30-minute timeframe

Trade active:

Fallout from our live session this morning

Another buy position was triggered at the breakout of the 71.00 level

Trade active:

Just as discussed during our live session, another buy position is triggered. Secure positions now

Trade active:

UPDATE

The market remains choppy as buyers struggle to break through this current structure

Trade active:

Ensure the buy positions are secured. I'm concluding for the week...
Wishing you all a good night and a weekend filled with bliss.