Long

USOil | New perspective for the week

Updated

I am of the opinion that natural gas shortages this winter might be driving gas prices higher in the last quarter of this year. The current structure reveals that price action is back to retest the bullish trendline identified on the weekly time - an area which shares a confluence with the $85 key level. In this video, I have explained what my expectations for the new week are.

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Despite considering a bullish expectation after considering the long-term bullish perspective on the high timeframe; the current structure suggests that the bearish trendline could be respected one more time hence a possible short-term selling opportunity is imminent in anticipation of that bullish move. So, a breakdown/retest of $89.50 level on a lower time frame could be a sell signal. Lets see what happen in the next couple of hours

Good morning

Trade active

A Bullish signal established

Trade closed: stop reached

Stopped out as the retest of $89.50 level failed to hold buying attempt. Hence, I am seeing this engulfing move that broke down the bullish trendline on a higher timeframe as a bearish signal hereby reverting to the selling bias shared earlier.

Let's see if we are going to witness a retest of structure to join the decline.

Note

Will this turn out to be an engulfing bullish candle? I am patient to see how price action plays out in the next couple of hours before making a decision.

Note

structures in lower time frame will help here

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The current structure on 15 min timeframe supports selling opportunities below $89.50 area

Note

Monitoring price action as I want to see how price will react to the $92 level on the 4H timeframe

Good morning

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We have a bullish signal as price breaks the $92 level

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Just as projected

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Bullish trendline continues to guide price action to the upside

Good morning

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400pips running in profit. Things appear to be looking good as long as price action continues to respect the bullish trendline.

Note

readjusted entry

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Sharp rejection of the $92 level by the buyers. Will there be a reversal pattern on the lower timeframe to join the potential rally before the weekends?

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Reversal pattern supporting bullish momentum was identified in the lower timeframe. Be on standy

darcsherry

Trade smart. Trade consciously

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