The oil market has experienced significant volatility throughout the week, starting with a price spike due to Saudi Arabia's one million barrel production cut, followed by a plunge in prices after the US and Iran denied a temporary nuclear deal.
Despite the highly-publicized Saudi output cut, US Oil prices saw another decline at the end of last week. As we approach the May CPI reading on Tuesday, just a day before the Fed decision, expectations are high for a shift away from the rate hike campaign that began 15 months ago. It is important to note that the central bank faces a resilient US economy that continues to exhibit inflationary tendencies, despite ongoing discussions of a possible recession. How will the market anticipate and react to these upcoming high-impact macroeconomic events?
This video provides a comprehensive technical analysis of USOILSPOT, focusing on key support and resistance levels, as well as trendlines identified in the 4-hour timeframe. By examining these indicators, we aim to gain insights into the potential direction of price action for USOILSPOT in the coming week.
Don't miss out on this insightful technical analysis to enhance your understanding of the future trajectory of USOILSPOT. Stay ahead of the curve by watching this video now!
Disclaimer Notice: Please be aware that margin trading in the foreign exchange market, including commodity trading, CFDs, stocks, and other instruments, carries a high level of risk and may not be suitable for all investors. The content of this speculative material, including all data, is provided by me for educational purposes only and to assist in making independent investment decisions. All information presented here is for reference purposes only, and I do not assume any responsibility for its accuracy.
It is important that you carefully evaluate your investment experience, financial situation, investment objectives, and risk tolerance level. Before making any investment, it is advisable to consult with your independent financial advisor to assess the suitability of your circumstances.
Please note that I cannot guarantee the accuracy of the information provided, and I am not liable for any loss or damage that may directly or indirectly result from the content or the receipt of any instructions or notifications associated with it.
Remember that past performance is not necessarily indicative of future results. Keep this in mind while considering any investment opportunities.
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The beginning of the new week has witnessed a bearish start, with the price action successfully breaking below the initial support level around the 69.30 zone. The question arises whether this breakdown will be sustained or if it will prove to be a false signal. Only time will provide the answer as we monitor for either a retest to confirm on the lower time frame or a potential rebound above the support line.
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As the price action gradually retraces towards the descending trendline, we remain vigilant for any signs of selling pressure or reversal patterns on the lower time frames around this zone, which could present selling opportunities. However, as mentioned in our earlier live session, if the 69.30 level experiences a breakout/retest, it would open up buying opportunities.
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OUTLOOK ON THE 15-Minute Timeframe
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Secure the sell position now
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UPDATE
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The second position was initiated when the 67.80 level was breached, resulting in a total profit of 180 pips. It is advised to secure the sell position at this stage.
Trade closed: target reached
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The take profit (TP) target has been reached, yielding a profit of more than 200 pips. Currently, the price action seems to be transitioning into a reversal pattern, as it establishes higher lows after testing the 67.00 zone and breaking out of the descending trendline identified on the chart yesterday. To confirm this reversal structure, we will patiently wait for the breakout/retest of the potential neckline at the 67.80 level. Further analysis of this structure will be conducted during our upcoming live session.
Good Morning
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Time to secure the buy position
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The buy position is currently enjoying a profitable run of 80 pips. As selling pressure resurfaces near the 68.63 zone, it is advisable to secure the position. A breakout/retest of this zone would indicate a potential for additional buy positions, while the emergence of selling pressure below this zone would present selling opportunities. Stay alert and be prepared for further developments.
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Two positions running in profit; secure buy positions now
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188pips in profit on 2 positions. Secure positions
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UPDATE
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The price movement has returned to the initial range from the beginning of the week and has stayed within the 70.10 to 69.30 range for the past 16 hours. To find potential trading opportunities, we will wait for a clear signal, either a breakout or a breakdown of this range. We will discuss this topic extensively in our upcoming live session. If you currently hold buy positions, it is recommended to secure them.
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With a running profit of 40 pips, it is advisable to secure your position. An update will be provided shortly.
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UPDATE
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Price action takes out the buy position as selling pressure resumes
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There is a new trading setup on the 30-minute timeframe, where a breakdown/retest of the 68.60 level and ascending trendline presents potential selling opportunities. However, it is important to take note that if a reversal pattern emerges above this structure, it could indicate buying opportunities. Stay tuned for an upcoming update.
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FOMC reactions; secure sell positions
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NOTICE
If you are taken out of any of the existing positions in our portfolio, it is recommended to refrain from opening new positions at this time. Our current strategy involves waiting for the market influx to stabilize, allowing market participants to evaluate the consequences of the unchanged interest rate decision before making any further trading decisions.
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Secure sell position as buying pressure resumes
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Fall out from our live session
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Time to secure buy position
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UPDATE
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A total of 180 pips in profit on two positions; secure all buy positions
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We have achieved a total profit of 380 pips from three positions. It is now advisable to secure the existing buy positions. We will thoroughly discuss our next steps during our upcoming live session. Looking forward to seeing you soon!
Good Morning
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This is a follow-up to our morning live session. All buy positions have been closed as the 70.50 level has experienced a breakdown. Our next step is to exercise patience and observe how the price reacts to this level before determining our course of action. If the level is retested on the lower timeframe, it will likely present selling opportunities. Let's not forget the significance of the ascending trendline in this market structure.