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.
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.
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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
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Secure the buy position nowTrade active
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Secure positionTrade active
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Secure buy position as we look out for more opportunities.Good morning
Trade closed manually
Price action takes out all positions. We hold on to see how far the bearish move will go... I will keep you posted.Trade active
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.Trade closed manually
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
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Trendline broken as selling pressure resumesTrade active
Secure all sell positionsTrade closed manually
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.Trade active
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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 positionsTrade active
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
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Fall out from our live session15-minute outlook
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Secure sell positionTrade active
Price action takes out the sell position as buying pressure resumes; so we are back to the status quo illustrated on the chartTrade active
Looking more bullish as bears appear to lose the momentum needed to break 74.00 levelNote
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Secure the buy positionGood morning
Trade active
Fall out from our live session, secure sell positions Trade closed manually
Price action takes out the sell position as buying pressure resumes. A breakout/retest of the trendline will welcome buying opportunitiesNote
selling pressure resumes againTrade active
Secure the buy positionTrade closed: target reached
TP target hit with 175 pips profit. More opportunities to buy at the breakout/retest of the 77.69 zone
Trade smart. Trade consciously
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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.
Trade smart. Trade consciously
Related publications
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.