Following approximately 2,000 pips in profit last week (see link below for reference purposes); we took a fresh new look at the chart as US Oil prices hit their lowest point since December 2021. I think the slump in oil prices this time, had little to do with supply-demand but more with the crisis of confidence at banks that provide the liquidity for trading this commodity and the potential interest rate hikes by the Federal Reserve have also led to fears that the US economy could end up in a recession. In this video, we took a technical dissection of the current market structure and identified a simple structure that we shall be using to guide trading activities in the coming week(s).
01:00 Reference to last week's daily commentaries and results
04:20 USOil Technical analysis on Daily chart
06:39 USOil Technical analysis on Weekly chart
09:00 USOil Technical analysis on 4H Timeframe against next week
10:30 Conclusion on next week's expectation for the USOil
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.
01:00 Reference to last week's daily commentaries and results
04:20 USOil Technical analysis on Daily chart
06:39 USOil Technical analysis on Weekly chart
09:00 USOil Technical analysis on 4H Timeframe against next week
10:30 Conclusion on next week's expectation for the USOil
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
Price action started the new week at the $67.50 level a bullish gap. On this note, the week has started bearish as price action is currently trading around the $65.00 level (its lowest point since December 2021). A breakdown/retest of this structure will welcome a selling opportunity.Good morning
Trade closed: stop reached
stop-loss hitTrade active
Trade active
We remain patient for the breakout/retest of structure for trading opportunities.Good morning
Trade active
Just as discussed during the live session; Buy position triggered, secure all buy positions as we look forward to more opportunitiesTrade active
Trade active
Two buy positions running with approximately 280 pips in profit; secure all buy positions as the bullish trendline identified during our live session today remains a yardstick for trading activitiesTrade active
We ensure all position is secured as the trendline remains our yardstick for trading activities for today where the breakdown can incite selling opportunities, lets be on standbuy. Good morning
Trade active
Just as discussed during our live session todayTrade active
Secure all buy positionsTrade active
Five positions running in profit with approximately 600pips, secure all buy positions as selling pressure resumesTrade active
It appears that the bullish momentum is thinning out where a breakdown of both the bullish trendline and the $70.00 might incite a retracement phase. However, we still keep the option of more buying opportunities above the $71.00 level.Good morning
Trade active
Trade active
The fifth position triggered as price action breaks out of the $71 LEvel, secure all positionsTrade closed manually
Price action takes out all the buy positions as it breaks down the $71.00 level with approximately 800 pips in profit. Let's see what happens around the $70.00 level for our next line of actionTrade active
Secure sell positionTrade closed manually
After been taken out of the sell position at break even, price action climbs above the $70 level to insinuates the presence of buyers at this juncture. See you at the morning live session soonGood morning
Trade active
Just as discussed during our live session today; sell position triggered at the breakdown of the $69.00 level. Secure sell positionTrade active
Secure all sell positionsTrade active
Price action takes out the sell position with a small profit and just as discussed during our live session, the appearance of buying pressure above the $67.50 level - a breakout/retest of the trendline and $68.50 will welcome buying opportunities.Trade active
Secure buy position
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.
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.