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

A record number of new coronavirus cases in China (the world's highest importer of crude oil) coupled with the inability of the EU to agree on a price cap for Russian oil Crude prices resulted in a plunge in price as the price fell for a third straight week. From a technical standpoint, it is obvious that price action has been caught within a channel ($93.50 and $87.00) in the last couple of months to emphasize the indecision in the market. However, it is worth noting that the lower timeframes reveal that price action has continued to find lower lows and lower highs in the last 3 weeks to signal a possible bearish continuation in the new week but we can not ignore the possibility of a breakout of the bearish trendline to incite a reversal structure.

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, and 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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The week has started on a bearish note as price action continued to the downside. For those who kept the sell position over the weekend, secure the position. However, we shall continue to monitor price action in the next couple of hours to lookout for trading opportunities.

Good morning

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So, since testing the $74 level 9 hours ago, trading activity has been caught within a channel ($74/74.50). The current structure might likely transition to a trend continuation pattern in the form of a bearish rectangle... Patience is required here as a breakout or breakdown of this channel might signal where the price is heading.

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This was discussed at length during our live session today (video uploaded on youtub); Following the continued buying pressure above the $74 level in the last couple of hours, another opportunity to buy is expected at the breakout/retest of the resistance level of the channel at the $74.50 area. Secure position as we keep the option of a selling momentum below the $74 level open.

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2 positions running in profit; secure position

Trade closed: target reached:

Over 700pips profit (2 positions).
So, we shall remain patient here to see how the price will react to this level to know what the next line of action will be. Update coming up soon.

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buying pressure above the $77 level in the lower time frame will be welcoming additional buy position.

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Selling pressure identified below the $77 level on the lower time frames

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After the price takes out the sell position at breakeven, I missed this bullish move. Now price is at a critical zone as it retests both trendlines. Update coming soon

Good morning

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QUICK UPDATE
We are at a critical zone now where both trendlines share a confluence. So, the new structure around the $78.50 level shall be a yardstick for trading activities today as either a breakdown or breakout should signal where the price will be going today.

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buy pressure continues above $78.50 level

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Selling pressure resumed at the $79.50 level in the last couple of hours. At this juncture, we want to be on standby to take advantage of this opportunity below the $78.50 level. However, if the price breaks above the structure at the $79.50 level then a bullish continuation could be registered.

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QUICK UPDATE

Secure the sell position

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Selling pressure resurfaces. Update coming up soon.

Good morning

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Buying pressure resumes

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This was duly explained during the live session today; the second position was triggered, securing positions.

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Secure position

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Secure position, Fed's Chair Powell's speech coming up in 10 minutes

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We maintain existing bias as we wait for the 1hour candle to close

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Ensure position is secured as selling pressure appears

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This was explained in details during our live session today (video on youtub); Secure position(s) as third position is triggered.

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4th position triggered; secure position(s)

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Retest of the $82 level. THe appearance of buying pressure on the lower timeframe around this structure might incite another wave of bullish momentum.

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buy pressure surfaces above the $81 level

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Price remains above the $81 zone in the last 8 hours. We continue to monitor price action.

Good morning

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Price takes out position at break even. So, we want to remain patient for structures as the NFP gets closer. Join our live session in 30 minutes for further details.

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Buy pressure above the $81 level still support the existing bias

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NFP is coming up in an hour. If you missed our live session today watch the video on my youtub channel to see what our expectations are against this event (the video will be uploaded soon).

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QUICK UPDATE

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Buy pressure continues

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As the indecision continues, I shall be opting out of the buy position now. Update coming soon