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Darkyboy
$#Opec+ eight member states with additional voluntary production cuts (V8) said to have agreed to raise the production cap by 548kbpd for the month of August #oott
Darkyboy
USOIL if OPEC decides to increase output by more than what’s been in news over last few days , market would open lower than the closing price on Friday.
beyond50
USOIL Brilliant Play!
I have to hand it to the market makers, they know how to create levels of uncertainty. Check out the Hourly chart that is in Neutral (directional) Market Bias:
- After two Pivot Lows were breached earlier, the Bearish and Bullish Trendlines (in red and green dotted lines) came together as an Equidistant Triangle, which is significant when the trendlines form a pattern. That kind of triangle means that price action can go above/below the triangle.

- Lots of consolidation again after the bearish drop. It's now in a market pause from the Inside Day with no clear direction. Breakout can be from the pattern's low at 66.01 or high at 66.56 (shown as two orange lines).

- And, a new S&R Zone formed, so price action will either rise above it towards the Swing Highs of 66.99 and 67.05 to breach OR drop below the Zone for a breakout from the Inside Day's low of 66.01 (shown as an orange line) and go down more.

Very wily! Bravo to the algorithms that set this up. This looks manipulated to me.
Snapshot
ShanTheMan93
USOIL going to be interesting what the outcome of opec is going to be. you got people shouting its going to rocket but dont realise the impact opec have over the market you could be kissing that rocket goodbye
OILUSD w pattern/ cup and handle in play on tbe daily time frame , nice ride to the upside coming next week 🚀 Good weekend to all !
Darkyboy
USOIL my understanding is OPEC will surprise everyone !