USOil | New perspective for the week | Follow-up detail
Updated
This is a follow-up video to my previous analysis where we made over 1,000 pips in profit (see link below for reference purposes). Crude oil prices witnessed significant gains to close last week's trading session with approximately 8% growth as Moscow said it may cut oil production to offset price caps on Russian crude imposed by the G7 nations and the European Union. In the coming week, the chances of subdued trading activities are very likely and this might not be unconnected to the hangover of the holidays thereby reducing the liquidity in the market. In this video, we took a look at the chart from a technical standpoint where the $80 level will be serving as a major determinant of price movement for the new week.
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.
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
A bullish gap is identified as price action remains above the $80.00 level. So, I have identified a $0.50 channel where price action appears to be trapped within the $80.00 and $80.50 zone since the beginning of the week. At this juncture, we shall remain patient and look out for a signal at either a breakout or breakdown of the channel.Good morning
Trade active
Secure the buy position as price action breaks and trade above the $80.50 level... You might want to see the replay of our live session this morning on my youtub channel for more insight on how to manage this trade if you missed it.Trade active
Price action takes out the buy position at break-even to trigger the sell order at the breakdown of the $80.00 level. Securing positionTrade active
A new structure that supports a potential bullish momentum is identified on the 1H timeframe as buying pressure is identified around the $79.50 level since the beginning of the week. Now, we have a demand zone around $79.50 as the price takes out the sell position at break even. So, if price action does not break down the demand zone, we shall be looking forward to buying pressure above $80.00 to buy the USOil.Trade active
Price action finally breaks down the bullish trendline to send a possible bearish signal across the market. At this juncture, the $79.50 level shall be our guide for trading activities today and we continue to look out for selling opportunities as long as price action remains below the $79.50 level. However, if price action remains above the $79.50 level with buy pressure identified on the lower time frame, we get ready for buy opportunities... Update coming up soon.Good morning
Trade active
Secure sell positionTrade active
I am taking my family out and shall be back here in 4 hours... Please watch the replay of our live session today on my youtub channel for insights on how to manage this trade.Trade active
UPDATETrade active
Secure all sell positions as the second position got triggered at the breakdown/retest of the $78.65 level.Good morning
Trade active
Secure all sell positionsTrade active
Sell pressure continuesTrade active
BUy pressure resumesTrade active
Secure the current buy positions as price action breaks out of the $78.65 level. So, we now have this level and the bullish trendline to guide our trading activities for today. We continue to hold our buy positions if the price remains above these structures but a breakdown/retest of the trendline will incite a bearish momentum.Good morning
Trade active
Secure sell position as price takes out the buy position at break even
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.