USOil | New perspective for the week | Follow-up detailThe 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.
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