Oil prices are showing signs of recovery after a strong bearish move, with $68.00 as a key level that will play a significant role in guiding our trading decisions for the new week.
📌 Key Technical Outlook:
🔹 Oil is currently trading within an ascending channel on the 4H timeframe.
🔹 I’ll be watching for a breakout/retest of the channel resistance and $68.50 for buying opportunities.
🔹 If selling pressure remains below the resistance line of the channel and the $68.00 key level, I will be considering selling opportunities.
📌 Major Market Drivers:
🔹 US Sanctions on Iran: The US Treasury imposed new sanctions targeting entities involved in supplying Iranian crude oil to China. Analysts expect a 1 million bpd drop in Iranian exports, which could support prices.
🔹 OPEC+ Production Cuts: A new plan will see seven member nations cut production by 189,000–435,000 bpd per month until June 2026.
🔹 Geopolitical Risks: Ongoing tensions in the Middle East & the Russia-Ukraine war continue to add a risk premium to oil prices.
📅 Key Economic Events on Our Radar Next Week:
🛢 Tuesday: API Crude Oil Stock Report – Offers insight into US oil inventory levels.
🛢 Wednesday: EIA Crude Oil Inventories Report – A key supply indicator affecting price movements.
🗓 Tuesday: US S&P Global PMI – Important for economic sentiment and demand expectations.
🗓 Thursday: US GDP (Q4 Final) – Provides clues on economic growth and potential impact on oil demand.
🗓 Friday: US Core PCE Index – The Fed’s preferred inflation measure, critical for policy direction.
Oil remains bullish in the short term, but I’ll be monitoring price action closely at $68.00 and $68.50 for trade setups. We’ll break it all down in Forex Morning Mastery tomorrow—stay tuned! 🔥📈
📌 Key Technical Outlook:
🔹 Oil is currently trading within an ascending channel on the 4H timeframe.
🔹 I’ll be watching for a breakout/retest of the channel resistance and $68.50 for buying opportunities.
🔹 If selling pressure remains below the resistance line of the channel and the $68.00 key level, I will be considering selling opportunities.
📌 Major Market Drivers:
🔹 US Sanctions on Iran: The US Treasury imposed new sanctions targeting entities involved in supplying Iranian crude oil to China. Analysts expect a 1 million bpd drop in Iranian exports, which could support prices.
🔹 OPEC+ Production Cuts: A new plan will see seven member nations cut production by 189,000–435,000 bpd per month until June 2026.
🔹 Geopolitical Risks: Ongoing tensions in the Middle East & the Russia-Ukraine war continue to add a risk premium to oil prices.
📅 Key Economic Events on Our Radar Next Week:
🛢 Tuesday: API Crude Oil Stock Report – Offers insight into US oil inventory levels.
🛢 Wednesday: EIA Crude Oil Inventories Report – A key supply indicator affecting price movements.
🗓 Tuesday: US S&P Global PMI – Important for economic sentiment and demand expectations.
🗓 Thursday: US GDP (Q4 Final) – Provides clues on economic growth and potential impact on oil demand.
🗓 Friday: US Core PCE Index – The Fed’s preferred inflation measure, critical for policy direction.
Oil remains bullish in the short term, but I’ll be monitoring price action closely at $68.00 and $68.50 for trade setups. We’ll break it all down in Forex Morning Mastery tomorrow—stay tuned! 🔥📈
Trade active
#USOILSPOT🚨 US CRUDE OIL MARKET UPDATE 🚨
The week has started choppy, as indecision persists amidst easing geopolitical tensions following discussions between Ukrainian and US officials in Riyadh on Sunday. 🌍🛢
📊 I have identified a structure as crude oil prices remain confined within the $67.86 – $68.36 range.
🔥 Bullish Bias: I shall maintain a bullish outlook as long as price remains above the week's $68.00 key level.
⚠️ Sell Condition: A breakdown and retest of the $68.00 level would confirm a selling opportunity.
📅 Join me in our upcoming live stream as we analyze the current market dynamics and trading opportunities. See you there! 🔥📊
#Forex #CrudeOil #MarketUpdate #TradingStrategy
Note
#USOILSPOTJust as we discussed during our live stream this morning, our three buy positions on US Crude Oil have been successfully triggered at $68.00, $68.36, and $68.50, accumulating a total of 130 pips in profit so far! 🎯🔥
🛑 It’s time to secure some profits! Market participants now shift focus to the S&P Global Publications, which could introduce fresh volatility into the market. 📊
📌 Risk management remains key—lock in gains and let the market do the rest. More updates to come! 🚀 #CrudeOil #Trading #MarketUpdate
Note
#USOILSPOT🚨 US CRUDE OIL MARKET UPDATE 🚨
🔥 Buyers have been dominant since the beginning of the week, helping secure three buy positions that hit my TP at $69.50, locking in over 300 pips profit! 🛢📈
💡 Key Drivers:
✅ Larger-than-expected crude draw 📉
✅ Concerns over tighter global supply following threatened US tariffs on countries buying Venezuelan production
🔄 Recent Price Action:
The last 12 hours have seen price retrace into consolidation, setting up the next move.
📊 What's Next?
We now look forward to today's US Durable Goods Orders release and speeches from FOMC members, which should drive fresh momentum for the USD and oil.
📅 Join me in our upcoming live stream as we analyze the market dynamics and identify new trading setups for today's session. See you there! 🔥📊
#Forex #CrudeOil #MarketUpdate #TradingStrategy #WTI
Trade smart. Trade consciously
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Trade smart. Trade consciously
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.