The prices of US Oil witnessed an unstable swing in 2022; climbing on tight supplies amid the war in Ukraine, then rapidly sliding during the later part of the year on weaker demand from top importer - China and worries of an economic contraction, but closed the year on Friday with a second straight annual gain a little above the $80 (as against $75 in 2021). This video is an illustrative dissection of the chart from a technical standpoint where the $80 mark will serve as a guide for trading activities in the new year.
00:20 USOil Technical analysis on Weekly chart 02:40 USOil Technical analysis on Daily chart 08:30 USOil Technical analysis on 4H Timeframe against next week 10:00 Conclusion on next week's expectation for the USOil
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.
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Price action is currently trading above the key level identified in the video at the $80 level after breaking out of a one-dollar channel between $79.40/$80.40. We are going to remain patient here in other to decipher if the breakout of the $80.40 resistance is a true or false one. So, to buy, we want to see buy pressure around and above the $80.40 area on the lower time frame to join a potential rally. However, if the price breakdown/retests the $80 level, we shall be considering selling opportunities. Update coming up soon.
Good morning
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Secure all sell positions as it appears the breakout of the $80.40 has turned out to be a false one. Looking forward to adding more positions
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Secure all sell positions as the second position got triggered... Looking forward to adding a position at the breakdown/retest of the $78.75 level.
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Secure all sell positions
Trade closed: target reached
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Over 900pips in profit secured as we look forward to how price action reacts to the $77 level for fresh trading opportunities.
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With over 120 pips running in profit, another sell position was triggered at the breakdown/retest of the $77 level. Secure all sell positions.
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Just as discussed during our live session today; another sell position was triggered as price action breaks down the $74 level. You might want to watch the replay of our live session this morning on my youtub channel for insights on how to manage this trade
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There was a typographical error in my last update - the previous structure is $75 and not $74. So, we are at a critical point now as the price could go either way from here. And with the anticipation of the FOMC releasing the minutes of the December policy meeting 30 minutes from now; there is a high chance that a huge spike might happen from this juncture, and we want to position ourselves in such a way that we catch the move. To make potential opportunities easy to join, we have connected the series of lower highs which has resulted in the new bearish trendline on the chart and this is what we shall be using to guide trading activities from now on. A breakout of the trendline and $74 level has a chance of inciting buying opportunities and if the price continues below this level, we look out for opportunities to add sell positions.
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Secure the sell position as buy pressure resumes at the $73 level. Price action appears to have broken out of the bearish trendline but we need to be patient for a breakout of the $74 level for buying opportunities. However, if price action breakdown/retest the new bullish trendline, we will be looking out for opportunities to add to the existing sell position.
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So, we have got the buy position triggered as price action breaks out of the $74; secure the position while waiting out to see how price action reacts to the $75 level
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QUCIK UPDATE
Secure the current buy position as participants look forward to the macroeconomic event today (ADP Employment Change) which will be coming up 20 minutes from now and we are beginning to witness the reflection of the anticipation on the charts. You might want to watch the replay of our live session this morning on my youtub channel for insights on how to manage this trade during the NY session
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Secure the sell position as price action takes out the buy position at breakeven.
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Buy pressure resumes again at the $73 level... Please note that we are not buying unless price action breakout/retests the $75 level.
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So, in anticipation of the first NFP of the year; the last 48 hours have seen price action caught within a two-dollar channel between the $75 and $73 range hereby emphasizing the indecision in the market as participants await a catalyst drive price movement. At this juncture, it is important that we remain patient and wait for a signal in the form of either a breakout or breakdown of the channel for confirmation.
Good morning
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In a s much as we are waiting for either z breakout or breakdown of the channel for signals, I will be risking a buy above the $74 level and see how this play in the next couple of hours.
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Over 130 pips running from the $74 level. Secure the buy positions as price action breakout of the resistance of the channel at the $75 level to trigger the second position.
Trade closed manually
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Price action takes out buy position with a small profit as selling pressure resumes
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Congrats to everyone who has been part of this profitable journey... I am closing for the week and hoping to see you here next week.