USOILSPOT Weekly Analysis: New Perspective and Follow-Up Details
Updated
Oil prices soared to their highest level in nine weeks, setting the stage for a potential breakout to the upside and igniting hopes of an uptrend continuation. This surge comes against the backdrop of a weaker dollar, which hit a two-week low following robust U.S. jobs report that reinforced expectations for further Federal Reserve rate hikes.
The rally in prices was fueled by a combination of supply concerns and technical buying, which offset worries that additional rate hikes might impede economic growth and dampen the demand outlook for oil.
In a significant development, top oil exporters Saudi Arabia and Russia announced fresh output cuts last week. These cuts, in conjunction with reductions by OPEC+ (the Organization of the Petroleum Exporting Countries and its allies), now total approximately 5 million barrels per day (bpd), accounting for around 5% of global oil demand.
It's important to note that a weaker dollar makes crude oil more affordable for holders of other currencies, potentially boosting oil demand.
In this video, I present a comprehensive technical analysis of USOILSPOT, with a specific focus on key supply and demand zones within the Daily and 4-hour timeframes. By closely examining these critical indicators, our aim is to provide valuable insights into the potential direction of price action for USOILSPOT in the upcoming week.
Don't miss out on this invaluable technical analysis, which will enhance your understanding of the future trajectory of USOILSPOT. Stay ahead of the curve and gain a competitive edge by watching the 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.
The rally in prices was fueled by a combination of supply concerns and technical buying, which offset worries that additional rate hikes might impede economic growth and dampen the demand outlook for oil.
In a significant development, top oil exporters Saudi Arabia and Russia announced fresh output cuts last week. These cuts, in conjunction with reductions by OPEC+ (the Organization of the Petroleum Exporting Countries and its allies), now total approximately 5 million barrels per day (bpd), accounting for around 5% of global oil demand.
It's important to note that a weaker dollar makes crude oil more affordable for holders of other currencies, potentially boosting oil demand.
In this video, I present a comprehensive technical analysis of USOILSPOT, with a specific focus on key supply and demand zones within the Daily and 4-hour timeframes. By closely examining these critical indicators, our aim is to provide valuable insights into the potential direction of price action for USOILSPOT in the upcoming week.
Don't miss out on this invaluable technical analysis, which will enhance your understanding of the future trajectory of USOILSPOT. Stay ahead of the curve and gain a competitive edge by watching the 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.
Note
At the moment, we are observing a scenario in which trading activity has been confined within a narrow range of $0.40 since the start of the week, highlighting the significant uncertainty prevailing in the market. Our approach will involve being patient and waiting for a clear confirmation of a breakout from this range before considering any potential trading opportunities.Good Morning
Trade active
UPDATETrade closed: stop reached
Following a couple of losses on this instrument yesterday, the market continues to trade within a defined range. Traders are eagerly anticipating the release of the US inflation data report for June, scheduled for Wednesday. In this situation, our only option is to exercise patience and wait for substantial trading signals to emerge. We will thoroughly analyze the current market structure during our upcoming live session to make informed decisions.Trade active
As discussed during our live session this morning; the buy position was triggered following the breakout and retest of both the descending trendline and the $73.20 level. Time to secure position while we look out for more opportunities.Trade active
We currently have three active buy positions, which have yielded a profit of over 300 pips. It is advisable to secure these positions while we await fresh trading opportunities. It is crucial to acknowledge that the current market sentiment remains bullish. However, we have reached a significant point at $74.55 which warrants careful attention. A breakdown or retest at this level has the potential to trigger a retracement, setting the stage for another uptrend market movement. To gain a comprehensive understanding, please refer to the chart illustration provided. We will thoroughly discuss this during our live session scheduled for this morning.Good Morning
Trade active
Another buy position triggered at the breakout of the $75.00 dovetailing to a total of close to 600 pips in profit; secure positionsTrade active
UPDATETrade active
UPDATEOver 300 pips in profit from four positions; secure positions as we look out for more trading opportunities
Trade active
Four positions are still active, yielding over 300 pips, while the price action undergoes a consolidation period before the imminent release of the Producer Price Index. It is advisable to safeguard all buy positions and remain vigilant for potential opportunities to enter new buying positions.Trade active
UPDATEFallout from our just concluded live session
Trade active
UPDATEMore buy positions triggered at the breakout of the $75.90 level; secure position
Trade active
We ensure that all buy positions are secured as the present market outlook continues to exhibit a bullish sentiment. The ascending trendlines continue to serve as a crucial reference point for guiding our trading activities today.Good Morning
Trade active
sell pressure resumes following CPI data coming in beyond expectation at 72.6 with a positive deviation of 2.35.
Trade smart. Trade consciously
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