USOil | New perspective for the week | Follow-up detail
Updated
This is a follow-up video on my previous analysis as a breakdown of the demand zone at the $83 area appears to be a bearish signal. In the next week, I expect to see the price move back into the $83 area where a rejection or breakout of this level might signal the direction of price action.
Risk 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.
Risk 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.
Trade active
Since testing the highest point it has reached at $80 this week, a final breakdown of the $79 level appears to incite a trend continuation to the downside.Good morning
Trade active
Re-entry in profit; moving my stoplossTrade active
Price continues to move as expected; another opportunity to add position to existing trade.Good morning
Trade active
Price is still within the sell window which is around 50 and 78.6% of the previous leg hence the bearish opportunity remains valid. Below the $79 area remains a comfortable zone to sellComment
Selling momentum appears to be stalling as the price was unable to break below the previous low in the last 24 hours. Could this be the beginning of a reversal pattern aiming at the $83 zone?Moving my stop-loss
Good morning
Trade active
Stopped at break-even and price action appears to be evolving into a reversal pattern. A retest of the structure might confirm a bullish momentum... waiting for entry opportunities.Trade active
Patience is required here as I hope to see rejections of the neckline at the $79 area to buy the USOil.Good morning
Trade active
I shared a full scope of how and why I took this selling opportunity despite sighting a breakout of the neckline yesterday during my live studio session which is shared on my youtub channel. Let's see what happens if the price gets to the $79 area (my TP target for the selling opportunity).Trade closed manually
Market structure is looking bullish at the moment. I am on the road hence won't be able to give a detailed analysis... I will be dropping something as soon as I am back. CheersComment
Pulling up in a parking lot now...So, the price action is at a very critical zone at the $83 zone where a reversal move to the downside is possible considering the significant structure in the past when it has served as a sell zone. To be sure of this proposed bearish move, I want to see a breakdown of the newly identified bullish trendline for a signal. However, if a significant breakout/retest of the $83 zone happens then preparation for a bullish momentum will be put in place.
Trade active
Even as I have sighted a breakdown/retest of the bullish trendline (which I projected yesterday evening); I am of the opinion that the likelihood of a bullish momentum still lingers and this observation is as a result of multiple rejections of the $81 by the buyers hereby making this zone a temporary demand zone at the moment hence I will be looking forward to a breakout/retest of the $83 zone to buy the USOil. However, if the price breaks down/retests the demand zone at $81, then I will be looking at selling options. Good morning
Trade active
And this is what will be happening (screenshot below) if a breakout of the $83 level does not happen - selling option right below the $81 zone (breakdown of the demand zone will be negating all bullish expectations)Trade active
TriggeredTrade active
Buying pressure appears; moving my stop lossTrade active
150 pips in profit.Good night and happy weekend
Trade smart. Trade consciously
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