Fundamental Development: Oil prices fell on Monday in volatile trade, reversing some gains from the previous session as markets braced for new mass COVID testing in China potentially hitting demand, a worry that outweighed ongoing concerns about tight supply. Brent crude futures fell $1.02, or 1%, to $106.00, after climbing 2.3% on Friday. U.S. West Texas Intermediate (WTI) crude futures declined by $1.38, or 1.3%, to $103.41, paring a 2% gain from Friday. Trading was thinned by a public holiday in parts of Southeast Asia, including oil-trading hub Singapore. The market remains jittery about plans by Western nations to cap Russian oil prices, with President Vladimir Putin warning further sanctions could lead to "catastrophic" consequences in the global energy market.
Short Term Technical View: In 1-hour chart, XTIUSD is trading below lower line of Bollinger band indicator. As per RSI Indicator showing weakness in 1-hour chart, XTIUSD pivot level is 101.50 as per today 1-hour chart, my view is sell in rise strategy is good for XTIUSD. Sell range of XTIUSD is 101.50 to 101.75 and there is very strong Resistance zone at 102.97.
Alternative Scenario: If XTIUSD will trade above 102.97 and sustain above in U.S. Session so it will be, give great opportunity to buy with the target of 105.45 with the stop loss of 101.51.
Short Term Technical View: In 1-hour chart, XTIUSD is trading below lower line of Bollinger band indicator. As per RSI Indicator showing weakness in 1-hour chart, XTIUSD pivot level is 101.50 as per today 1-hour chart, my view is sell in rise strategy is good for XTIUSD. Sell range of XTIUSD is 101.50 to 101.75 and there is very strong Resistance zone at 102.97.
Alternative Scenario: If XTIUSD will trade above 102.97 and sustain above in U.S. Session so it will be, give great opportunity to buy with the target of 105.45 with the stop loss of 101.51.