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Energy Commodities

What 1-hour chart says? Fundamental Development Oil was down on Tuesday morning in Asia, opening lower earlier in the session. The European Union's move to enact a ban on Russian oil imports, which would tighten global supplies, ran into opposition from member country Hungary. Brent oil futures edged down 0.18% to $114.03 and WTI futures edged down 0.20% to $111.60. Shanghai set out plans on Monday for the end of a painful COVID-19 lock down that has lasted more than six weeks, heavily bruising China's economy, and for the return of more normal life from June 1. Oil output in the Permian in Texas and New Mexico, the biggest U.S. shale oil basin, is due to rise 88,000 barrels per day (bpd) to a record 5.219 million bpd in June, the U.S. Energy Information Administration (EIA) said on Monday. Short Term Technical View: In 1-hour chart, XTIUSD is trading above middle line of Bollinger band indicator. CCI indicator also showing bullishness at upper line level, and XTIUSD is trading today above pivot level 110.50. As per the 1-hour chart, XTI will be test next resistance level 114.50. As per my view, buy on dip is good strategy for XTIUSD, buy range is 111 to 110.50, and there is very strong resistance zone at 108.85. Alternative Scenario: If XTIUSD will trade below 108.85 and sustain in U.S. Session so it will be, give great opportunity to sell with the target of 106.75 with the stop loss of 110.25.
FXOPEN:XTIUSD
by RATONYCNC
What 1-hour chart says? Oil was down on Monday morning in Asia, the European Union (EU)’s impending ban on Russian crude imports is driving global supply fears. Brent oil futures dropped 2.18% to $109.12 and WTI futures fell 2.04% to $106.41. Both Brent and WTI benchmarks, which jumped about 4% during the previous Friday, increased by more than $1 a barrel earlier in the session, with WTI reaching its highest level since March 28 at $111.71. Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) and allies (OPEC+), have been unable to meet previously agreed targets for output increases. This is due to under-investment in oilfields in some OPEC members and the more recent losses in Russian output. According to the cartel’s latest monthly report, OPEC’s output rose by 153,000 barrels per day (bpd) to 28.65 million bpd. This lags behind the 254,000 bpd rise that OPEC allowed under the OPEC+ deal. Short Term Technical View: In 1-hour chart, XTIUSD is trading below middle line of Bollinger band indicator. CCI indicator also showing weakness at bottom line level, and XTIUSD is trading today near pivot level 107. As per the 1-hour chart, XTI will be test next support level 105.45. As per my view, XTIUSD sell range is 107.50 to 107.75 and there is very strong resistance zone at 109.50. Alternative Scenario: If XTIUSD will trade above 107 and sustain in U.S. Session so it will be, give great opportunity to buy with the target of 108.90 with the stop loss of 106.
FXOPEN:XTIUSD
by RATONYCNC
What 1-hour chart says? Fundamental Development Oil prices dropped more than 1% on Thursday in a volatile week as economic concerns and recession fears dogged global financial markets, outweighing supply concerns and geopolitical tensions in Europe. Brent crude futures slipped $1.25, or 1.2%, to $106.26 a barrel. WTI crude futures fell $1.24, or 1.2%, to $104.47 a barrel. U.S. headline CPI for the 12 months to April jumped 8.3%, reaffirming concerns that interest rates will need to rise quickly to tame it. On Wednesday, oil prices jumped 5% after Russia sanctioned 31 companies based in countries that imposed sanctions on Moscow after the Ukraine invasion. In the United States, commercial crude inventories rose last week because of a record release of oil from the U.S. strategic reserves, but gasoline stockpiles declined ahead of the peak summer driving demand season, the Energy Information Administration said on Wednesday. Short Term Technical View: In 1-hour chart, XTIUSD is trading Lower line of Bollinger band indicator. CCI indicator also showing bullishness at bottom line level, and XTIUSD is trying to pull back at today pivot level 102.10. As per the 1-hour chart buy on dip, strategy is good for XTIUSD. As per my view, XTIUSD buy range is 102.10 to 101.50 and there is very strong support zone at 100. Alternative Scenario: If XTIUSD will trade below today pivot level 102.10 in U.S. Session so it will be, give great opportunity to sell with the target of 100.50 with the stop loss of 103.10.
FXOPEN:XTIUSD
by RATONYCNC
What 1-hour chart says? Fundamental Development Oil was up on Wednesday morning in Asia, as investors await US and China economic data. Brent oil futures rose 1.99% to $104.36 and crude oil WTI futures jumped 2.27% to $101.96. Investors will be keeping an eye on China’s April factory gate prices and the US consumer –price index. A stronger dollar in particular, affects commodities like oil that priced in the currency. In addition, the oil market has shaken in recent times by Russia’s invasion of Ukraine and COVID-19 lockdowns across China. The war has fanned inflation, driving up the cost of everything from food to fuel. Retail gasoline in the US hit a record ahead of the summer driving season. The American Petroleum Institute reported US crude stockpiles rose by 1.62 million barrels last week, according to sources familiar with the data. Fuel inventories have also expanded. Short Term Technical View: In 1-hour chart, XTIUSD is trading middle line of Bollinger band indicator. CCI indicator also showing bullishness above 100 level, and XTIUSD is trading above pivot level 100.89. As per the 1-hour chart buy on dip, strategy is good for XTIUSD. As per my view, XTIUSD buy range is 101.20 to 101 and there is very strong support zone at 99.90 Alternative Scenario: If XTIUSD will trade below pivot level 100.89 in U.S. Session so it will be, give great opportunity to sell with the target of 99 with the stop loss of 102. (Note: Crude Oil Inventories data will release at 8 PM (IST)
FXOPEN:XTIUSD
by RATONYCNC
What 1-hour chart says? Fundamental Development Oil was down on Tuesday morning in Asia due to demand outlook concerns as top oil importer China imposes lock downs and economic tensions rise in Europe. Brent oil futures fell 0.87% to $105.02 while crude oil WTI futures slipped 0.84% to $102.22. Financial markets are reflecting fears that sanctions on Russian oil imports after its invasion of Ukraine could put some European countries in economic distress. Global financial markets have affected by concerns over interest rate hikes and recession worries. The COVID-19 lock downs in China have already led to slower export growth in the world's second largest economy in April. Crude imports by China in the first four months of 2022 fell 4.8% from a year ago. However, April imports were up nearly 7%. Short Term Technical View: In 1-hour chart, XTIUSD is trading middle line of Bollinger band indicator. RSI indicator also showing bullishness above 50 level, and XTIUSD is trading above yesterday support level 102. As per the 1-hour chart buy on dip, strategy is good for XTIUSD. As per my view, XTIUSD buy range is 101.50 to 101 and there is very strong support zone at 99.35. Alternative Scenario: If XTIUSD will trade below support level 99.35 in U.S. Session so it will be, give great opportunity to sell with the target of 97 with the stop loss of 101.
FXOPEN:XTIUSD
by RATONYCNC
Brent oil buyers seem running out of steamAlthough a fortnight old rising channel portrays the bull’s command over Brent oil, backed by the fears of a supply crunch, the commodity prices have failed to portray a notable run-up. On top of that, the quote is heading towards a short-term key hurdle surrounding $115.70, comprising a horizontal line from late March and the upper-end of the mentioned channel. That being said, the RSI line also approaches overbought territory, which in turn poses the risk of a pullback move. Even if the energy benchmark rally beyond $115.70, multiple hurdles around $119.00, comprising the 78.6% Fibonacci retracement of March 26 to early April fall, as well as the $120.00 threshold could test the buyers. Meanwhile, the 200-SMA and the support line of the aforementioned channel, respectively near $109.70 and $107.30, put a floor under the short-term downside of Brent oil. It’s worth noting, however, that a clear break of the $107.30 will defy the bullish chart pattern, namely the rising channel, which may direct the bears toward $104.00 and $100.30 before highlighting the $100.00 psychological magnet.
VELOCITY:BRENTShort
by MTradingGlobal
What 1-hour chart says? Fundamental Development Oil was up on Friday morning in Asia, recovering from an earlier drop. However, worries about an economic downturn that could affect fuel demand persisted, alongside concerns over the latest European Union (EU) sanctions against Russia. Brent oil futures rose 0.54% to $111. In addition, WTI futures rose 0.57% to $108.88. U.S. stocks tumbled, a trend that mostly followed in Asia, as investors avoided risk over worries that the U.S. Federal Reserve could hike interest rates further in 2022. The central bank hiked its interest rate to 1% on Wednesday as it handed down its latest policy decision. The Bank of England also warned on Thursday that the U.K. risks a double-whammy of a recession and inflation above 10%. The central bank hiked its interest rate to 1%, the highest since 2009, as it handed down its own policy decision. Short Term Technical View: In 1-hour chart, XTIUSD is trading middle line of Bollinger band indicator. RSI indicator also showing bullishness above 50 level, and XTIUSD is trading yesterday pivot level 107.71. As per the 1-hour chart buy on dip, strategy is good for XTIUSD. As per my view, XTIUSD buy range is 106.25 to 105.90 and there is very strong support zone at 105. Alternative Scenario: If XTIUSD will trade below support level 106.45 in U.S. Session so it will be, give great opportunity to sell with the target of 104.25 with the stop loss of 107.55
FXOPEN:XTIUSD
by RATONYCNC
What 1-hour chart says? Fundamental Development Oil was up on Thursday morning in Asia, extending gains from the previous session after the European Union (EU) unveiled new sanctions against Russia. Brent oil futures were up 0.35% to $110.53 and WTI futures edged up 0.20% to $108.03. The EU proposal, announced by European Commission President Ursula vonder Leyen, includes phasing out supplies of Russian crude in six months and refined products by the end of 2022. The proposal could also see EU companies banned from offering shipping, brokerage, insurance , and financing services to transport Russian oil in a month’s time. The Organization of the Petroleum Exporting Countries (OPEC) and allies (OPEC+) will meet later in the day, where it expected to agree to raise production targets by 432,000 bpd for June 2022, four OPEC+ delegates told Reuters. Short Term Technical View: In 1-hour chart, XTIUSD is trading above upper line of Bollinger band indicator. RSI indicator also showing bullishness above 50 level, and XTIUSD is trading yesterday major resistance level 107.20. As per the 1-hour chart buy on dip, strategy is good for XTIUSD. As per my view, XTIUSD buy range is 106 to 106.50 and there is very strong support zone at 105.66. Alternative Scenario: If XTIUSD will trade below pivot level 105.80 in U.S. Session so it will be give great opportunity to sell with the target of 104.25 with the stop loss of 106.80.
FXOPEN:XTIUSD
by RATONYCNC
What 1-hour chart says? Fundamental Development Oil was up on Thursday morning in Asia, extending gains from the previous session after the European Union (EU) unveiled new sanctions against Russia. Brent oil futures were up 0.35% to $110.53 and WTI futures edged up 0.20% to $108.03. The EU proposal, announced by European Commission President Ursula vonder Leyen, includes phasing out supplies of Russian crude in six months and refined products by the end of 2022. The proposal could also see EU companies banned from offering shipping, brokerage, insurance, and financing services to transport Russian oil in a month’s time. The Organization of the Petroleum Exporting Countries (OPEC) and allies (OPEC+) will meet later in the day, where it expected to agree to raise production targets by 432,000 bpd for June 2022, four OPEC+ delegates told Reuters. Short Term Technical View: In 1-hour chart, XTIUSD is trading above upper line of Bollinger band indicator. RSI indicator also showing bullishness above 50 level, and XTIUSD is trading yesterday major resistance level 107.20. As per the 1-hour chart buy on dip, strategy is good for XTIUSD. As per my view, XTIUSD buy range is 106 to 106.50 and there is very strong support zone at 105.66. Alternative Scenario: If XTIUSD will trade below pivot level 105.80 in U.S. Session so it will be give great opportunity to sell with the target of 104.25 with the stop loss of 106.80.
FXOPEN:XTIUSD
by RATONYCNC
What 1-hour chart says? Fundamental Development Oil was up on Wednesday morning in Asia, with investors continuing to digest a draw down in U.S. crude supply that raised supply concerns. Brent oil futures rose 1.01% to $106.03 and WTI futures jumped 1.14% to $103.58. The gains came after the European Union said on Tuesday that it is mapping out fresh sanctions against Russia. The sanctions, which come in response to Moscow’s invasion of Ukraine on Feb. 24, will target Russian crude supply. Russia is the second-largest crude oil exporter globally. Tuesday’s U.S. Crude oil supply data from the American Petroleum Institute showed a draw of 3.479 million barrels for the week ended Apr. 28. Short Term Technical View: In 1-hour chart, XTIUSD is trading Middle line of Bollinger band indicator. As per today is a crude oil inventory data at 8 pm (IST) that’s why XTIUSD is trading today pivot level 102.98. As per the 1-hour chart sell on rise strategy is good for XTIUSD. As per my view, XTIUSD sell range is 104 to 104.50 and there is very strong resistance zone at 105.66. Alternative Scenario: If XTIUSD will trading above pivot level 102.98 in U.S. Session and Crude oil inventories data will show positive and RSI Indicator also trading above 50 levels so it will be give great opportunity to buy with the target of 107 with the stop loss of 101.66
FXOPEN:XTIUSD
by RATONYCNC
What 1-hour chart says? Fundamental Development: Oil prices fell on Monday in holiday-sapped trade in Asia as concerns about weak economic growth in China, the world's top oil importer, outweighed fears of potential supply stress from a looming European Union ban on Russian crude. Brent crude futures fell $1.13, or 1.1%, to $106.01 a barrel, while U.S. West Texas Intermediate (WTI) crude futures fell $1, or 1%, to $103.69 a barrel. Prices fell after China released data on Saturday showing that factory activity in the world's second-largest economy contracted for a second month to its lowest since February 2020 because of COVID lock downs. Royal Bank of Canada analysts estimated India's crude imports from Russia have grown from less than 100,000 bpd in 2021 to 800,000 bpd in April and expect India to continue ramping up imports as long as Washington does not impose secondary sanctions. Short Term Technical View: In 1-hour chart, XTIUSD is trading Lower band of Bollinger indicator, also RSI indicator showing weakness below 50 levels. Now XTIUSD is trading below today pivot level 105.54. As per the 1-hour chart sell on rise strategy is good for XTIUSD. As per my view, XTIUSD sell range is 105 to 105.35 and there is very strong resistance zone at 107. Alternative Scenario: If XTIUSD will not sustain below pivot level 105.54 in U.S. Session and RSI Indicator also trading above 50 levels so it will be give great opportunity to buy with the target of 107 with the stop loss of 104.
FXOPEN:XTIUSD
by RATONYCNC