US-Oil 28th may

28 Mei 2023

Turning our attention to US-Oil as our second highlighted pair this week, we've witnessed a complete reversal in order flow. However, I anticipate another change in the upcoming week. There are two possible scenarios: either we continue with the current bullish momentum, further accumulating liquidity, or we reach the upper range boundary and switch to a bearish outlook. Our strategy involves monitoring the 15-minute swing range and assessing if it aligns with the order flow on lower time frames. If there is confirmation, we will consider shorting oil, aiming for the significant weekly level (SWL) on the 15-minute chart as our primary target.

Considering the overall fundamentals, over the weekend, the US has reached a deal to extend and increase their debt default. This development suggests the potential for a substantial market movement upon the opening.

We'll be closely monitoring market openings and price action throughout the week. If you find this analysis useful, let us know in the comments below and hit the boost button to show your support. Here's to a successful week of trading!