US Oil Market Technical Analysis 11th – 15th July 2022
Greeting all traders. Let us dive right in US Oil trade ideas for this upcoming week. First, we will start off looking at the market trends in the big timeframes for possible trading opportunities.
From the closing of the previous weekly candlestick, we observed buying momentum toward the end of the week, creating long lower wick. Does anyone know what details we can deduce from this price action?
Price action of this weekly candlestick indicates buying momentum from 95.xx USD and the buyers intend to close the week at the higher price than the lowest price of the weekly candlestick from two weeks ago. Currently, weekly candles show the market is still in a sideway trend.
Next, we will find possible trade ideas in the lower timeframe.
In the daily chart of the USOIL, it is clearly shown that the market is in a downtrend. If the price continues to drop further down this week, buying around 92-93.5 USD range is recommended. PS: price reversal patterns at this buying zone will increase the winning chance.
For sell setups, two zones that we recommend are between 109-112 USD and 114-117 USD. We can split the sell orders into two using half your normal risk percentage per each order.
If the market continues to drop in the upcoming days. Price bullish reversal pattern is recommended before order execution.
For buy setup, we recommend buying at the zone between 93-94.xx USD.
I wish every traders a profitable and happy trading week.
" Be the best version of yourself "
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