Fundamental Development : Oil was up on Tuesday morning in Asia opening higher after falling sharply during the prior session. WTI futures were up 0.97% to $99.50. Both Brent and WTI benchmarks ended the previous session down around 4%, with Brent tumbling as much as $7 a barrel during the session and WTI falling roughly $6 a barrel. China will keep liquidity reasonably ample in financial markets, the People's Bank of China said in a statement on Tuesday, a day after the central bank announced a cut to banks' foreign exchange reserve ratio to support the economy.
Short Term Technical View: As per bollinger band indicator WTI future is taking strong reversal at support level 95.80 , Technically RSI Indicator also indicate reversal in the chart and showing bullishness above 50 level and increasing volume at support level showing strong buying , As per my view If WTI break today days high of 99.85 and CB Consumer Confidence data release in U.S. Session also indicate positive so it will be great opportunity to buy WTI futures above 99.85 with the target of 101.75 and take a stop loss at 98.68 .
Alternative Scenario : If WTI future will not sustain above 99.50 level and break today low 95.80 and CB Consumer Confidence data release in U.S. Session also indicate negative so it will be great opportunity to short sell WTI futures below 95.80 level with the target of 93 and take a stop loss of 97.50 .
Short Term Technical View: As per bollinger band indicator WTI future is taking strong reversal at support level 95.80 , Technically RSI Indicator also indicate reversal in the chart and showing bullishness above 50 level and increasing volume at support level showing strong buying , As per my view If WTI break today days high of 99.85 and CB Consumer Confidence data release in U.S. Session also indicate positive so it will be great opportunity to buy WTI futures above 99.85 with the target of 101.75 and take a stop loss at 98.68 .
Alternative Scenario : If WTI future will not sustain above 99.50 level and break today low 95.80 and CB Consumer Confidence data release in U.S. Session also indicate negative so it will be great opportunity to short sell WTI futures below 95.80 level with the target of 93 and take a stop loss of 97.50 .