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J-OIL

What 1-hour chart says? Fundamental Development: Oil was up on Thursday morning in Asia as U.S. demand stays strong and China demand may rebound with COVID-19 curbs easing. Brent oil futures rose 0.26% to $123.90 by 11:44 PM ET (3:44 AM GMT) and WTI futures edged up 0.18% to $122.33. Wednesday’s U.S. crude supply data from the U.S. Energy Information Administration showed a build of 2.025 million barrels for the week ended June 3. EIA data also suggested that U.S. gasoline stockpiles dropped by 812,000 barrels to 218.18 million barrels last week, indicating fuel demand resilience during peak summer despite soaring prices. Crude supply data from the American Petroleum Institute released the day before showed a build of 1.845 million barrels. Short Term Technical View: In 1-hour chart, XTIUSD is trading near middle line of Bollinger band indicator. RSI indicator is showing bullishness in 1-hour chart of XTIUSD. As per the 1-hour chart, XTIUSD is trading above today pivot level 119.50. As per my view, buy on dip is good strategy for XTIUSD, buy range is 119.50 to 119, 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.
FXOPEN:XTIUSD
by RATONYCNC
What 1-hour chart says? Fundamental Development: Oil was up on Wednesday morning in Asia, supported by tight supplies and recovering fuel demand as China continued easing COVID-19 curbs in top cities. Brent oil futures edged up 0.12% to $120.73 and WTI futures rose 0.23% to $119.70. Tuesday's U.S. crude supply data from the American Petroleum Institute showed a build of 1.845 million barrels for the week ended June 3. Global crude and oil product supplies remain tight as the West poise sanctions on oil exports from major producer Russia. Most refineries globally are at a stage close to their maximum capacities to meet rising demand from pandemic recovery and replace lost Russian supplies. Short Term Technical View: In 1-hour chart, XTIUSD is trading near upper line of Bollinger band indicator. RSI indicator is showing bullishness in 1-hour chart of XTIUSD. As per the 1-hour chart, XTIUSD is trading above today pivot level 117.29. As per my view, buy on dip is good strategy for XTIUSD, buy range is 117.50 to 117, and there is very strong support zone at 116. Alternative Scenario: If XTIUSD will trade below 116 and sustain below in U.S. Session so it will be, give great opportunity to sell with the target of 114.55 with the stop loss of 117.25.
FXOPEN:XTIUSD
by RATONYCNC
Monthly rising channel favors Brent oil buyers despite inactionBrent oil prices grind higher around late March tops, staying above 10-DMA inside a monthly bullish channel formation. Given the firmer RSI backing the black gold’s gradual north-run, the quote is likely to overcome the immediate hurdle, namely the late March swing high around $124.40. However, the stated channel’s upper line near $127.50, which if ignored could propel the energy benchmark towards the yearly high marked in March at around $140.50. During the run-up, then likely overbought RSI may interrupt the upside momentum around $130.00 and the $135.00 intermediate halts. Meanwhile, pullback moves may remain elusive until staying beyond the 10-DMA level surrounding $119.60. Following that, the support line of the bullish channel, close to $117.00 by the press time, will be crucial to watch. In a case where Brent oil sellers manage to conquer the $117.00 support and reject the bullish formation, there are multiple supports around $115.50 and $115.000 before directing the quote towards May’s low near $101.90. Overall, oil prices remain firmer inside a bullish chart pattern and are likely to rise further. However, the upside momentum will be shaky and hence needs the trader’s discretion.
VELOCITY:BRENT
by MTradingGlobal
What 1-hour chart says? Fundamental Development: Oil was up on Tuesday morning in Asia over expectations of demand recovery in China and doubts about higher output targets from the Organization of the Petroleum Exporting Countries and allies (OPEC+). Brent oil futures rose 0.62% to $120.25. WTI futures jumped 0.71% to $119.34; the benchmark hit a three-month high of $120.99 on Monday. Easing travel restrictions in China are likely to boost oil demand in the coming weeks, ANZ Research analysts said in a note. Beijing and the commercial hub Shanghai are easing COVID -19 curbs and allowing more mobility. Beijing has reopened restaurants and cinemas in most parts. OPEC+ decided last week to increase output for July and August by 648,000 barrels per day, or 50% more than previously planned. However, not all members could ramp up output, including Russia, which faces Western sanctions. Short Term Technical View: In 1-hour chart, XTIUSD is trading below middle line of Bollinger band indicator. RSI indicator is showing weakness in 1-hour chart of XTIUSD. As per the 1-hour chart, XTIUSD is trading below today pivot level 117.53. As per my view, sell on rise is good strategy for XTIUSD, sell range is 117.50 to 117.75, and there is very strong resistance zone at 118.75. Alternative Scenario: If XTIUSD will trade above 118.75 and sustain above in U.S. Session so it will be, give great opportunity to buy with the target of 121 with the stop loss of 116.
FXOPEN:XTIUSD
by RATONYCNC
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
Brent oil again approaches $116.00 key resistanceBrent oil prices managed to bounce off the crucial SMAs and 61.8% Fibonacci retracement of the late February to early March rally, despite posting meager weekly gains. Firmer RSI and the higher-low formation since April also keep the black gold on the bull’s radar. However, the upside bias needs validation from a two-month-old horizontal hurdle surrounding $116.00. Should the UK energy benchmark rally past $116.00, it becomes capable of crossing the $120.00 threshold, which in turn makes it eligible to challenge the late March high near $124.50. In a case where the commodity prices manage to stay firmer past $124.50, the yearly peak of $135.35 will gain the market’s attention. On the contrary, pullback moves remain elusive unless staying beyond an area comprising the 50-DMA and the 20-DMA, around $109.00. If at all the quote drop below $109.00, the $100.00 psychological magnet, also including the 78.6% Fibonacci retracement, should be on the bear’s hit list. It’s worth noting that April’s low of around $99.30 is the last defense for the Brent oil buyers, a break of which will make it vulnerable to revisiting February lows surrounding $90.00. Overall, Brent oil prices are ready to rise but the bulls need to cross the $116.00 barrier.
VELOCITY:BRENT
by MTradingGlobal
What 1-hour chart says? Fundamental Development Oil was down on Friday morning in Asia, but little changed as concerns about weaker economic growth eclipse expectations of a demand rebound in China. Brent oil futures fell 0.72% to $111.23. WTI futures fell 0.99% to $108.80 on its last day as the front-month, with futures for July down about 0.6% to $109.20. WTI futures are now set to rise for a fourth consecutive for the first time since mid-February 2022. The black liquid has seen limited gains during the past week, with the Brent and U.S. benchmarks mostly trading in a range uncertainty in demand. Investors, worried about rising inflation and tighter monetary policies from central banks, have been reducing exposure to riskier assets. An example is open interest in WTI futures, which fell to 1.722 million contracts on May 18, 2022, the lowest level since July 2016. 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 above today pivot level 108.45. As per the 1-hour chart, XTI will be test next resistance level 112. As per my view, sell on rise is good strategy for XTIUSD, sell range is 112 to 112.35, and there is very strong resistance zone at 114.10 Alternative Scenario: If XTIUSD will trade above 114.50 and sustain in U.S. Session so it will be, give great opportunity to buy with the target of 117 with the stop loss of 112.75.
FXOPEN:XTIUSD
by RATONYCNC
What 1-hour chart says? Fundamental Development After hitting seven-week highs, oil prices slumped 2% on Tuesday as Reuters reported that the United States could ease some restrictions on Venezuela's government, raising hopes that the market could see some additional supplies. Prices also fell after Federal Reserve Chairman Jerome Powell warned the economy could hurt by attempts to reduce inflation. Brent crude fell $2.31, or 2%, to settle at $111.93 a barrel, and U.S. West Texas Intermediate (WTI) crude fell $1.8, or 1.6%, to settle at $112.40 a barrel. Powell suggested there could be some economic pain involved in bringing inflation down. The U.S. central bank will "keep pushing" to tighten U.S. monetary policy until it is clear that inflation is declining, he said. Oil prices have generally been rising as Russian supply squeezed by bans from several countries and an economic downturn due to broad sanctions on Moscow imposed by the United States and allies. Short Term Technical View: In 1-hour chart, XTIUSD is trading middle line of Bollinger band indicator. CCI indicator also showing weakness at upper line level, and XTIUSD is trading today near pivot level 108. As per the 1-hour chart, XTI will be test next support level 106. As per my view, sell on rise is good strategy for XTIUSD, sell range is 108 to 109, and there is very strong resistance zone at 110. Alternative Scenario: If XTIUSD will trade above 110 and sustain in U.S. Session so it will be, give great opportunity to buy with the target of 111.50 with the stop loss of 109.
FXOPEN:XTIUSD
by RATONYCNC
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