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Energy Commodities

YR 2022 Idea #63: Long on OIL This is a public swing trade idea and is only for Learning and observational purpose. Please understand your risk and take full responsibility of your actions. I might trail my stoploss after I get an entry but even if my original Stoploss hits, i exit the trade with pre-planned loss (risk). At target, I book usually 75% positions and trail stoploss for rest. Our objective to help anyone who wants to learn technical analysis using charts by demonstrating my real trade entries. You can post your queries in comment section here and we will try to answer them asap.
NSE:OILLong
by onerighttrade
What 1-hour chart says? Fundamental Development: Oil futures jumped on Monday, with Brent rising above $120 a barrel after Saudi Arabia hiked prices for its crude sales in July, signaling tight supply even after OPEC+ agreed to accelerate output increases over the next two months. Brent crude was up 91 cents, or 0.8%, at $120.63 after touching an intraday high of $121.95, extending a 1.8% gain from Friday. U.S. West Texas Intermediate (WTI) crude futures were up 93 cents, or 0.8%, at $119.80 a barrel after earlier hitting a three-month high of $120.99. It gained 1.7% on Friday. Saudi Arabia raised the official selling price (OSP) for its flagship Arab light crude to Asia to a $6.50 premium versus the average of the Oman and Dubai benchmarks, from a $4.40 premium in June, state oil producer Aramco said on Sunday. Short Term Technical View: In 1-hour chart, XTIUSD is trading above middle line of Bollinger band indicator. RSI indicator is showing bullishness in XTIUSD. As per the 1-hour chart, XTIUSD is trading above today pivot level 117. As per my view, buy on dip is good strategy for XTIUSD, buy range is 117 to 116.75, and there is very strong support zone at 115. Alternative Scenario: If XTIUSD will trade below 115 and sustain below in U.S. Session so it will be, give great opportunity to sell with the target of 113 with the stop loss of 116.75.
FXOPEN:XTIUSD
by RATONYCNC
What 1-hour chart says? Fundamental Development: Oil prices moved in a thin range on Friday as markets shrugged off the decision of OPEC+ to increase production and questioned whether the incremental output could make up for lost supply from Russia and meet China's growing demand amid easing COVID restrictions. U.S. West Texas Intermediate (WTI) crude futures dropped 29 cents to $116.58 a barrel, while Brent crude futures were down 15 cents at $117.46 a barrel. A decision on Thursday by the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, to boost output by 648,000 barrels per day (bpd) in July and August, instead of by 432,000 bpd as previously agreed, seen as hardly enough for a tight market. Government data on Thursday showed U.S. crude stockpiles fell much more than expected in the week to May 27 and gasoline inventories fell, defying expectations for an increase. Short Term Technical View: In 1-hour chart, XTIUSD is trading above middle line of Bollinger band indicator. RSI indicator is showing bullishness in XTIUSD. As per the 1-hour chart, XTIUSD is trading above today pivot level 114. As per my view, buy on dip is good strategy for XTIUSD, buy range is 114 to 113.75, and there is very strong support zone at 112.50. Alternative Scenario: If XTIUSD will trade below 112.50 and sustain below in U.S. Session so it will be, give great opportunity to sell with the target of 110.50 with the stop loss of 114.
FXOPEN:XTIUSD
by RATONYCNC
What 1-hour chart says? Fundamental Development Oil prices fell on Thursday as investors cashed in on a recent rally ahead of a key producers meeting later in the day, with some speculation that Saudi Arabia may boost oil production in response to urging by the United States. Brent crude was down $2.08, or 1.8%, at $114.21 a barrel, having risen 0.6% the previous day. U.S. West Texas Intermediate (WTI) crude dropped $2.25, or 2.0%, to $113.01 a barrel, after a 0.5% rise on Wednesday. The benchmarks have marched higher for several weeks as Russian exports have squeezed by EU and U.S. sanctions against Moscow over its invasion of Ukraine, actions that Russia calls a "special operation". The Wall Street Journal reported on Tuesday that some OPEC members were considering suspending Russia from the agreed production plan, to allow other producers to pump significantly crude, as sought by the United States and European nations. Short Term Technical View: In 1-hour chart, XTIUSD is trading below middle line of Bollinger band indicator. RSI indicator is showing weakness in XTIUSD. As per the 1-hour chart, XTIUSD is trading below today support level 112.50. As per my view, Sell on rise is good strategy for XTIUSD, Sell range is 113 to 113.25, and there is very strong resistance zone at 115.40. Alternative Scenario: If XTIUSD will trade above 115.40 and sustain above in U.S. Session so it will be, give great opportunity to buy with the target of 117.40 with the stop loss of 113.
FXOPEN:XTIUSD
by RATONYCNC
What 1-hour chart says? Fundamental Development Oil prices gained slightly on Wednesday after European Union leaders agreed to a partial and phased ban on Russian oil and as China ended its COVID-19 lock down in Shanghai. Brent crude for August delivery was up 28 cents, or 0.2%, at $115.88 a barrel. The contract settled down 1.7% on Tuesday. The front-month contract for July delivery expired on Tuesday at $122.84 a barrel, up 1%. U.S. West Texas Intermediate (WTI) crude rose 30 cents, or 0.3%, to $114.97 a barrel. Both benchmarks ended May higher, marking the sixth straight month of rising prices. EU leaders agreed in principle on Monday to cut 90% of oil imports from Russia by the end of this year, the bloc's toughest sanctions yet on Moscow since the invasion of Ukraine three months ago, which Moscow calls a "special military operation". Short Term Technical View: In 1-hour chart, XTIUSD is trading below lower line of Bollinger band indicator. RSI indicator is showing weakness in XTIUSD. As per the 1-hour chart, XTIUSD is trading below today pivot level 114.50. As per my view, Sell on rise is good strategy for XTIUSD, Sell range is 114.50 to 115, and there is very strong resistance zone at 116.50. Alternative Scenario: If XTIUSD will trade above 114.50 and sustain below in U.S. Session so it will be, give great opportunity to buy with the target of 116.50 with the stop loss of 113.50 .
FXOPEN:XTIUSD
by RATONYCNC
What 1-hour chart says? Fundamental Development Oil prices extended gains on Tuesday after the EU agreed to slash oil imports from Russia, fueling worries of a tighter market already strained for supply amid rising demand ahead of peak U.S. and European summer driving season. Brent crude for July, which expires on Tuesday, raised $1.13 to a fresh two-month top of $122.80 a barrel. The more active August contract raised $1.34 to $118.94. U.S. West Texas Intermediate (WTI) crude futures were trading at $118.25 a barrel, up $3.18 from Friday's close. There was no settlement on Monday due to a U.S. public holiday. Both benchmarks have posted daily gains since Wednesday. European Union leaders agreed in principle to cut 90% of oil imports from Russia by the end of 2022, resolving a deadlock with Hungary over the bloc's toughest sanction yet on Moscow since the invasion of Ukraine three months ago. Short Term Technical View: In 1-hour chart, XTIUSD is trading upper line of Bollinger band indicator. RSI indicator is showing strength in XTIUSD. As per the 1-hour chart, XTIUSD is trading above resistance level (2) 117.40. As per my view, buy on dip is good strategy for XTIUSD, buy range is 116 to 115.75, and there is very strong support zone at 114.50. Alternative Scenario: If XTIUSD will trade below 114.50 and sustain below in U.S. Session so it will be, give great opportunity to sell with the target of 112.50 with the stop loss of 115.75.
FXOPEN:XTIUSD
by RATONYCNC
What 1-hour chart says? Fundamental Development Oil was up on Monday morning in Asia, hitting two-month highs as investors wait and see if the European Union can reach an agreement on a sixth package of sanctions against Russia for its war in Ukraine. Brent oil futures rose 0.73% to $116.and WTI futures rose 0.85% to $116.05, extending the previous week’s gains. The EU will meet on Monday and Tuesday to discuss a sixth package of sanctions against Russia for its invasion of Ukraine on Feb. 24. Also adding to a tight market, the Organization of the Petroleum Exporting Countries and allies (OPEC+), which includes Russia, are set to rebuff Western calls to increase their oil output additions when it meets on Thursday. The cartel will stick to its plan to add 432,000 barrels per day in July 2022; six OPEC+ sources told Reuters. Short Term Technical View: In 1-hour chart, XTIUSD is trading upper line of Bollinger band indicator. RSI indicator is showing strength in XTIUSD. As per the 1-hour chart, XTIUSD is trading near today resistance level 114.70. As per my view, buy on dip is good strategy for XTIUSD, buy range is 113 to 112.75, and there is very strong support zone at 111.75. Alternative Scenario: If XTIUSD will trade below 111.75 and sustain below in U.S. Session so it will be, give great opportunity to sell with the target of 110.25 with the stop loss of 113.
FXOPEN:XTIUSD
by RATONYCNC
What 1-hour chart says? Fundamental Development Oil prices hovered around a two-month high on Friday, with Brent crude on track for its biggest weekly jump in 1-1/2 months, supported by the prospect of an EU ban on Russian oil and the coming summer driving season in the United States. Brent crude futures for July dipped 9 cents to $117.31 a barrel after rising to as high as $118.17 earlier in the session. The benchmark was on track for a gain of about 4% this week. U.S. West Texas Intermediate (WTI) crude futures were down 18 cents, or 0.2%, at $113.91 a barrel. WTI set for a weekly gain of about 0.7%. "Ahead of peak U.S. driving season, refined products remain in alarmingly short supply in the West, which should keep a high floor on oil prices through the summer." OPEC+ is set to stick to last year's oil production deal at its June 2 meeting and raise July output targets by 432,000 barrels per day, six OPEC+ sources told Reuters, rebuffing Western calls for a faster increase to lower surging prices. Short Term Technical View: In 1-hour chart, XTIUSD is trading upper line of Bollinger band indicator. RSI indicator is showing strength in XTIUSD. As per the 1-hour chart, XTIUSD is trading above today pivot level 111.55. As per my view, buy on dip is good strategy for XTIUSD, buy range is 111.50 to 111, and there is very strong support zone at 110. Alternative Scenario: If XTIUSD will trade below 110 and sustain in U.S. Session so it will be, give great opportunity to sell with the target of 108 with the stop loss of 111.50
FXOPEN:XTIUSD
by RATONYCNC
What 1-hour chart says? Fundamental Development Oil prices raised more than $1 on Wednesday, buoyed by tight supplies and the prospect of rising demand from the upcoming start of the summer driving season in the United States, the world's biggest crude consumer. Brent crude futures for July rose $1.38, or 1.2%, to $114.94 a barrel. Brent futures gained 0.1% on Tuesday and are up for a fifth day. U.S. West Texas Intermediate (WTI) crude futures for July delivery rose $1.35, or 1.2%, to $111.12 a barrel. The contract settled down 52 cents on Tuesday. Global crude supplies continue to tighten as buyers avoid oil from Russia, the world's second-largest oil exporter, amid sanctions following its invasion of Ukraine, which Russia calls a "special military operation". In China, the world's biggest oil importer, Beijing stepped up quarantine efforts to end its month-old COVID-19 outbreak, while in Shanghai, authorities plan to keep most restrictions in place this month, before a more complete lifting of the two-month-old lock down from June 1. Short Term Technical View: In 1-hour chart, XTIUSD is trading upper line of Bollinger band indicator. XTIUSD also losing strength at upper resistance level, and XTIUSD is trading below resistance level 111. As per the 1-hour chart, XTI will be test today pivot level 108.50. As per my view, sell on rise is good strategy for XTIUSD, sell range is 109.50 to 109, and there is very strong resistance zone at 111. Alternative Scenario: If XTIUSD will trade above 111 and sustain in U.S. Session so it will be, give great opportunity to buy with the target of 113 with the stop loss of 109.50.
FXOPEN:XTIUSD
by RATONYCNC
What 1-hour chart says? Fundamental Development Oil prices fell by more than $1 on Tuesday as concerns over a possible recession and China's COVID-19 curbs outweighed an expectation of tight global supply and a pick-up in fuel demand with the U.S. summer driving season. Brent crude futures for July fell $1.34, or 1.2%, to $112.08 a barrel. U.S. West Texas Intermediate (WTI) crude futures for July delivery dropped $1.28, or 1.2%, to $109.01 a barrel. Brent gained 0.7% on Monday while WTI settled nearly flat. Multiple threats to the global economy topped the worries of the worlds well heeled at the annual Davos economic summit, with some flagging the risk of a worldwide recession. China, the world’s largest oil importer, promises stimulus such as rolling out new investment projects. The country will offer more than 140 billion yuan ($21 billion) in additional tax relief to offset the heavy impact of lock downs on businesses. Short Term Technical View: In 1-hour chart, XTIUSD is trading lower line of Bollinger band indicator. CCI indicator also showing weakness at lower line level, and XTIUSD is trading below pivot level 108.50. As per the 1-hour chart, XTI will be test next support level 106.50. As per my view, sell on dip is good strategy for XTIUSD, sell range is 109.50 to 109, and there is very strong resistance zone at 111. Alternative Scenario: If XTIUSD will trade above 111 and sustain in U.S. Session so it will be, give great opportunity to buy with the target of 113 with the stop loss of 109.50.
FXOPEN:XTIUSD
by RATONYCNC
What 1-hour chart says? Fundamental Development Oil was up on Monday morning in Asia as the upcoming U.S. peak driving season could see higher fuel demand. Brent oil futures gained 0.63% to $110.71 and crude oil WTI futures jumped 0.54% to $110.88. A weakening dollar also gave the black liquid a boost because that makes crude cheaper for buyers holding other currencies. However, gains were capped by concerns over ongoing COVID-19 lockdowns in China. The world’s largest oil importer is loosening its lock downs in Shanghai and the People's Bank of China cut its five-year loan prime rate during the previous week, signaling that the authorities are supporting a recovery. Meanwhile, the European Union was unable to achieve an agreement on banning Russian oil for its invasion of Ukraine on Feb. 24, which also limited oil's gains. Short Term Technical View: In 1-hour chart, XTIUSD is trading upper line of Bollinger band indicator. CCI indicator also showing strength at upper line level, and XTIUSD is trading above today pivot level 109.50. As per the 1-hour chart, XTI will be test next resistance level 113. As per my view, buy on dip is good strategy for XTIUSD, buy range is 109.50 to 109, and there is very strong support zone at 108. Alternative Scenario: If XTIUSD will trade below 109.50 and sustain in U.S. Session so it will be, give great opportunity to sell with the target of 108 with the stop loss of 110.50.
FXOPEN:XTIUSD
by RATONYCNC