What 1-hour chart says?

Jun 30, 2022

Fundamental Development: Oil prices edged higher on Thursday after dipping in early Asian trade, as concerns about global supply tightness outweighed a build in U.S. gasoline and distillate inventories. Brent crude futures for September, the more actively traded contract, rose 63 cents, or 0.6%, to $113.08 a barrel .The less liquidity traded August contract, which expires Thursday, was at $116.08, down 18 cents, or 0.2%. U.S. West Texas Intermediate (WTI) crude futures climbed 49 cents, or 0.5%, to $110.27. Crude inventories fell by 2.8 million barrels in the week to June 24, far exceeding analysts' expectations in a Reuters poll for a 569,000-barrel drop, U.S. Energy Information Administration data showed, even as U.S. gasoline and distillate stockpiles climbed.

Short Term Technical View: In 1-hour chart, XTIUSD is trading below middle line of Bollinger band indicator. As per RSI Indicator showing weakness in 1-hour chart, XTIUSD pivot level is 109.45. As per today 1-hour chart, my view is sell on rise strategy is good for XTIUSD. Sell range of XTIUSD is 109.30 to 109.45 and there is very strong resistance zone at 110.51.

Alternative Scenario: If XTIUSD will trade above 110.51 and sustain above in U.S. Session so it will be, give great opportunity to buy with the target of 111.51 with the stop loss of 109.