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USOil | New perspective for the week | Follow-up detail

The much-expected bullish pressure following the OPEC+ decision to cut oil production appears to be losing steam as bears are defying OPEC+ again. The majority of market participants are of the opinion that the selling pressure witnessed in the previous week is a result of persistent US rate hikes and recession fears but if we take a look at this bearish move from a technical standpoint, it could be a retracement phase which most of the time is a consequence of profit-taking activities. This video illustrated the technical side of the current market structure and highlighted a key level at the 78.00 level which will be serving as our yardstick for trading activities in the coming 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.

交易進行

Price action is currently trading at the 77.69 level - a level that was a demand zone at a point last week. We keep waiting for a signal for trading opportunities.

Good morning

交易進行

Secure the buy position now

交易進行

Secure position

交易進行

Secure buy position as we look out for more opportunities.

Good morning

手動結束交易

Price action takes out all positions. We hold on to see how far the bearish move will go... I will keep you posted.

交易進行

Just as discussed during our live session this morning; the breakdown/retest of the key level at the 78.00 level triggered our first sell position for the week, secure position as we look forward to how long the bearish move will be.

手動結束交易

Buying pressure resumes as it takes out all sell positions with a reasonable size of profit. A breakout/retest of the key level at the 78.00 level will welcome buying opportunities.

Good morning

交易進行

Trendline broken as selling pressure resumes

交易進行

Secure all sell positions

手動結束交易

Taken out of the sell position with a reasonable amount of profit as we remain patient for another trading opportunity. The newly identified trendline will be our guide going forward.

交易進行

We are right within the potential TP target identified during our live session this morning hence the current position is ripe for profit taking; secure all sell positions

交易進行

consolidation going on within the potential TP target and buy zone identified during our live session yesterday. If still in the sell position, secure position - we shall talk about this in detail during the live session.

Good morning