Fundamental Development: Oil was up on Monday morning in Asia as investors are looking for more clues from the G7 meeting this week on Russian oil exports and a revival of the Iran nuclear deal. Brent oil futures inched up 0.06% to $109.16 and crude oil WTI futures stabilized at $107.62. Oil prices remained well supported above $100 a barrel as crude and oil product supplies remained tight after the West posed sanctions on Russian oil. Leaders of the Group of Seven (G7) expected to discuss ways to tackle rising energy prices. Measures include a possible price cap on Russian crude and oil products exports, which might curb Russia’s revenue and at the same time reduce the damage to other economies.
Short Term Technical View: In 1-hour chart, XTIUSD is trading at middle line of Bollinger band indicator. As per RSI Indicator showing weakness in 1-hour chart, XTIUSD pivot level is 105.45. As per today 1-hour chart, my view is sell on rise strategy is good for XTIUSD. Sell range of XTIUSD is 107 to 107.25 and there is very strong resistance zone at 108.50.
Alternative Scenario: If XTIUSD will trade above 108.50 and sustain above in U.S. Session so it will be, give great opportunity to buy with the target of 109.95 with the stop loss of 107.50.
Short Term Technical View: In 1-hour chart, XTIUSD is trading at middle line of Bollinger band indicator. As per RSI Indicator showing weakness in 1-hour chart, XTIUSD pivot level is 105.45. As per today 1-hour chart, my view is sell on rise strategy is good for XTIUSD. Sell range of XTIUSD is 107 to 107.25 and there is very strong resistance zone at 108.50.
Alternative Scenario: If XTIUSD will trade above 108.50 and sustain above in U.S. Session so it will be, give great opportunity to buy with the target of 109.95 with the stop loss of 107.50.