What 1-hour chart says? Fundamental Development: Oil prices rose 1% on Tuesday, clawing back more of last week's losses as investors focused on tight supplies of crude and fuel products rather than concerns about a recession dampening demand going forward. Brent crude futures rose $1.08, or about 1%, to $115.21 a barrel, adding to a 0.9% gain on Monday. The benchmark contract fell 7.3% last week in its first weekly fall in five. U.S. West Texas Intermediate (WTI) crude futures for July, which expires later on Tuesday, rose to $112.01 a barrel, up $2.45, or 2.2%, from Friday's close. There was no settlement on Monday, which was a U.S. public holiday. WTI dropped 9.2% last week.
Short Term Technical View: In 1-hour chart, XTIUSD is trading Upper line of Bollinger band indicator. As per RSI Indicator showing bullishness in 1-hour chart, XTIUSD pivot level is 108.30. As per my view buy on dip, strategy is good for XTIUSD. Buy range of XTIUSD is 108.30 to 108 and there is very strong support zone at 106.75.
Alternative Scenario: If XTIUSD will trade below 106.75 and sustain below in U.S. Session so it will be, give great opportunity to sell with the target of 105.25 with the stop loss of 108.
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What 1-hour chart says? Fundamental Development: Oil prices edged lower on Monday, reversing earlier gains, as concerns about slowing global economic growth and fuel demand outweighed worries about tightening supplies. Brent crude futures slipped 3 cents to $113.09 a barrel, after rising as much as 1% earlier. Front-month prices tumbled 7.3% last week, their first weekly fall in five. U.S. West Texas Intermediate crude was at $109.42 a barrel, down 14 cents, or 0.1%, after rising more than $1 earlier. Front-month prices dropped 9.2% last week, the first decline in eight weeks. Oil from Russia, the world's second-largest exporter, remains out of reach to most countries because of Western sanctions over Moscow's invasion of Ukraine, actions that Russia calls a "special operation".
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 is trading below pivot level 110.48. As per my view sell on rise, strategy is good for XTIUSD. Selling range of XTIUSD is 110.48 to 110.75 and there is very strong resistance zone at 112.
Alternative Scenario: If XTIUSD will trade above 112 and sustain above in U.S. Session so it will be, give great opportunity to buy with the target of 113.50 with the stop loss of 110.85.
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What 1-hour chart says? Fundamental Development: Oil prices inched lower after seesawing through early trading on Tuesday, as worries that fuel demand would hit by a possible recession and fresh COVID-19 curbs in China outweighed tight global supplies. U.S. West Texas Intermediate (WTI) crude fell 22 cents, or 0.2% to $120.71, while Brent crude futures eased 25 cents, or 0.2%, to $122.02 a barrel. In China, a COVID outbreak at a bar in Beijing has raised fears of a new phase of lock downs just as restrictions were being eased and fuel demand was expected to firm. Crude has rallied about 60% this year as an economic rebound coincided with upended trade flows after Russia’s invasion of Ukraine. While China is facing a bumpy return from strict COVID-19 lock downs, rising consumption from the top importer will strain the market further and drive prices higher.
Short Term Technical View: In 1-hour chart, XTIUSD is trading above middle line of Bollinger band indicator. As per RSI Indicator also showing bullishness in 1-hour chart, XTIUSD is trading above today pivot level 117.80. As per my view, buy on dip is good strategy for XTIUSD, buy range is 117.80 to 117.50, and there is very strong resistance zone at 116.50.
Alternative Scenario: If XTIUSD will trade below 116.50 and sustain in U.S. Session so it will be, give great opportunity to sell with the target of 115.10 with the stop loss of 118.
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What 1-hour chart says? Fundamental Development: Oil prices slid Monday as flare-up in COVID-19 cases in Beijing quelled hopes for a rapid pick-up in China's fuel demand, while worries about global inflation and sluggish economic growth further depressed the market. Brent crude futures fell $1.81, or 1.48%, to $120.20 a barrel while U.S. West Texas Intermediate crude was at $118.81 a barrel, down $1.86, or 1.54%. Both contracts dropped over $2 earlier in the session. Prices fell after Chinese officials warned on Sunday of a "ferocious" COVID-19 spread in the capital and announced plans to conduct mass testing in Beijing until Wednesday. Concerns about further interest rate hikes following red-hot U.S. inflation data released on Friday are also weighing on global financial markets.
Short Term Technical View: In 1-hour chart, XTIUSD is trading lower line of Bollinger band indicator. As per RSI Indicator also showing weakness in the chart the 1-hour chart, XTIUSD is trading below today pivot level 118. As per my view, sell on rise is good strategy for XTIUSD, sell range is 118 to 118.25, and there is very strong resistance zone at 119.75.
Alternative Scenario: If XTIUSD will trade above 120 and sustain above in U.S. Session so it will be, give great opportunity to buy with the target of 122 with the stop loss of 118.75.
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What 1-hour chart says? Fundamental Development: Oil prices slipped on Friday but remained within touching distance of three-month highs as fears over new COVID-19 lock down measures in Shanghai outweighed solid demand for fuels in the United States, the world's top consumer. Brent crude futures for August were down 77 cents, or 0.6%, at $122.30 a barrel after a 0.4% decline the previous day. U.S. West Texas Intermediate crude for July fell 72 cents, or 0.6%, to $120.79 a barrel, having dropped 0.5% on Thursday. Still, with prices overall rallying in the last two months, Brent was on track for a fourth consecutive weekly gain and WTI was set for a seventh straight weekly increase. Both benchmarks on Wednesday marked their highest closes since March 8, the highest settlements in 14 years.
Short Term Technical View: In 1-hour chart, XTIUSD is trading below middle line of Bollinger band indicator. As per the 1-hour chart, XTIUSD is trading below today pivot level 119.80. In daily chart WTI trend is uptrend, as per my view, buy on dip is good strategy for XTIUSD, buy range is 118.50 to 118, and there is very strong support zone at 117.50.
Alternative Scenario: If XTIUSD will trade below 117.50 and sustain below in U.S. Session so it will be, give great opportunity to sell with the target of 115.75 with the stop loss of 118.75.
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