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

Updated

3 days into the EU ban on Russian seaborne crude imports, oil producers in Russia are going against all expectations to ramp up production in recent weeks. With the Russian seaborne crude oil import ban around the corner, a potential OPEC+ output cut on the table, and ongoing discussions about capping Russian oil & gas prices, we looked at the charts from a technical perspective in this video to decipher how the recent developments will affect price movement in the coming week(s).

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, and 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 was observed at the beginning of the week hereby inciting a potential bullish momentum. However, it is important that we keep an open mind for a contrary possibility. So, I will be looking for buy pressure above the $81.00 (and around the $79.50 level) in the lower timeframe to open a buy position but if price breakdown/retest the $81.00 happens selling opportunity will be conisdered.

Good morning

Trade active

5 minute timeframe

Trendline to guide trading activities

Trade active

QUICK UPDATE

After price negated the trendline, a breakout/retest confirms a bullish signal. Secure position

Trade active

To add position at breakout/retest of $82.50

Trade active

Price takes out the buy position with about 90pips profit as the price comes back to the entry zone. So, we shall be looking out for buy pressure above the $81.00 level on our lower timeframe for another buying opportunity, and if otherwise, I shall be sharing an update in that regard.

Note

I missed the move that broke down the $79.50 level. Congrats to those who caught this move! Let's see if the market will present another opportunity to sell or buy.

Trade active

Siince the breakdown of the $79.50 level, it has been caught within a flat channel hence the need to be patient and wait for signal in the form of either a breakout or breakdown to join the move.

Good morning

Trade active

Buy pressure continues

Trade active

#PATIENCE
Waiting for a break and retesting on lower timeframe

Trade active

Secure the sell position; See our analysis on USOil during the live session today (video on youtub)

Trade active

Just as explained during our live session this morning; the sell limit was triggered as the price retested the structure at $76.80 to trigger the second position.

Trade closed: target reached

Trade closed with over 400pips profit. Let's see how price relates to the trendline for our next line of action.

Trade active

After testing the trendline at the $74 area, the price has been caught within a channel. So, at this point we shall be looking forward to a signal in the form of a breakout or breakdown.

Good morning

Trade active

Sell position triggered; secure position as we continue to look out for more opportunities.

Trade active

Price takes out the sell position at break-even as buying pressure resumes (we discussed thus at length during our live studio session);

Trade active

Buying pressure resumes as the price breaks out and retests the $74.65 level ( see the video of our live session about this commodity on my youtub).

Trade closed: stop reached

Price takes out the buy position and sell stop triggered at breakdown of the $74 level

Trade active

Breakdown/retest of the $73.20 triggers another position; secure positions

Trade active

Price takes out the sell position with small profit as buy pressure resumes. A breakout/retest of the $73.20 (confluence with the trendline) will incite a potential buliish momentum.

Good morning

Trade active

QUick update

Secure position

Trade active

As discussed during our live session today; buy pressure breaks the resistance level of the channel and trendline; securing the position now. You might want to see the replay of the live session on my youtub for how to manage this trade at this juncture.

Note

150pips in profit, secure position while we lookout for opportunities to add more positions

Trade active

Secure the positions

Trade closed manually

Taking out of the buy position with about 80pips profit. Lets wait for this current candle to close before making a decision

Trade active

We continue to look for selling pressure below $72.40 level

Trade active

Sell position closed at break-even as buy pressure resumes. A breakout/retest of the trendline and $72.40 level might incite a bullish momentum. Not selling anymore because of the buying pressure around the $71.55 but if a breakdown/retest of the $71.55 level happens, selling momentum might continue.

Good morning

darcsherry

Trade smart. Trade consciously

Also on:

Related publications

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

by darcsherry

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.