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Oil

What 1-hour chart says? Fundamental Development: Oil prices rose on Friday, bouncing off their lowest levels since February in the previous session, as supply shortage concerns were enough to cancel out fears of slackening fuel demand. Brent crude rose 55 cents, or 0.6%, to $94.67 a barrel, while U.S. West Texas Intermediate crude was up 65 cents, or 0.8%, at $89.19 a barrel. Oil prices have come under pressure this week as the market fretted over the impact of inflation on economic growth and demand, but signs of tight supply kept a floor under prices. For September, OPEC+ is set to raise its oil output goal by 100,000 barrels per day. The hike is one of the smallest since OPEC quotas were introduced in 1982, OPEC data shows. Short Term Technical View: In 1-hour chart, XTIUSD is trading above middle line of Bollinger band indicator. As per RSI Indicator showing bullishness in 1-hour chart, XTIUSD pivot level is 88.50 as per today 1-hour chart, my view is buy in dip strategy is good for XTIUSD. Buy range of XTIUSD is 88.50 to 88.25 and there is very strong support zone at 86. Alternative Scenario: If XTIUSD will trade below 86 and sustain below in U.S. Session so it will be, give great opportunity to sell with the target of 83.51 with the stop loss of 88.50.
FXOPEN:XTIUSD
by RATONYCNC
#USOIL it's possible to sell#USOIL for Price trading the 4hr resistance area and waiting for bearish candlestick formation in resistance area and the next candle close below the previous candle its will move to the next level support Why we like it Price trading the 4hr resistance moving to the next level support waiting for bearish candlestick formation Trading in channel 1st support: 82.68 Next Zone area & horizontal swing Low support 1st Resistance 99.68 Zone area & horizontal swing high resistance
TVC:USOILShort
by Skandhatrade
1
What 1-hour chart says? Fundamental Development: Oil prices rose on Thursday as supply concerns triggered a rebound from multi-month lows plumbed in the previous session after U.S. data signaled weak fuel demand. Brent crude futures rose 42 cents, or 0.4%, at $97.20 a barrel, while West Texas Intermediate (WTI) crude futures last up 49 cents, a 0.5% gain, at $91.15. Both benchmarks fell to their weakest levels since February in the previous session after U.S. data showed crude and gasoline stockpiles unexpectedly surged last week and as OPEC+ agreed to raise its oil output target by 100,000 barrels per day (bpd), equal to about 0.1% of global oil demand. 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 pivot level is 92 as per today 1-hour chart, my view is sell on rise strategy is good for XTIUSD. Sell range of XTIUSD is 92 to 92.25 and there is very strong resistance zone at 94. Alternative Scenario: If XTIUSD will trade above 94 and sustain above in U.S. Session so it will be, give great opportunity to buy with the target of 96 with the stop loss of 92.
FXOPEN:XTIUSD
by RATONYCNC
#USOIL it's possible to sell#USOIL for Price trading the 4hr resistance area and waiting for bearish candlestick formation in resistance area and the next candle close below the previous candle its will move to the next level support Why we like it Price trading the 4hr resistance moving to the next level support waiting for bearish candlestick formation Trading in channel 1st support: 89.10 Next Zone area & horizontal swing Low support 1st Resistance 120.65 Zone area & horizontal swing high resistance
TVC:USOILShort
by Skandhatrade
What 1-hour chart says? Fundamental Development: Oil prices were flat to weaker on Wednesday ahead of a meeting of OPEC+ producers, stabilizing after a drop of 1% in early trade amid fears that a slowdown in global growth would hit fuel demand. Brent crude futures were last down 3 cents, or 0.03%, at $100.51 a barrel. West Texas Intermediate (WTI) crude futures were flat at $94.42 a barrel. The Organization of the Petroleum Exporting Countries and allies including Russia, together known as OPEC+, meet on Wednesday. OPEC+ sources told Reuters last week that the group would likely keep output unchanged in September, or raise it slightly. Ahead of the meeting, OPEC+ trimmed its forecast for an oil market surplus this year by 200,000 barrels per day (bpd), to 800,000 bpd, three delegates told Reuters. 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 pivot level is 93.75 as per today 1-hour chart, my view is sell on rise strategy is good for XTIUSD. Sell range of XTIUSD is 93.75 to 94 and there is very strong resistance zone at 95.50. Alternative Scenario: If XTIUSD will trade above 95.50 and sustain above in U.S. Session so it will be, give great opportunity to buy with the target of 97.50 with the stop loss of 94.
FXOPEN:XTIUSD
by RATONYCNC
USOIL Trading Plan - 02/Aug/2022Hello Traders, Hope you all are doing good!! I expect USOIL to go UP after finishing this correction. Look for your BUY setups. Please follow me and like if you agree or this idea helps you out in your trading plan. Disclaimer: This is just an idea. Please do your own analysis before opening a position. Always use SL & proper risk management. Market can evolve anytime, hence, always do your analysis and learn trade management before following any idea
TVC:USOILLong
by For3xScalper
2
What 1-hour chart says? Fundamental Development: Oil prices edged lower on Tuesday as investors absorbed a bleak outlook for fuel demand with data pointing to a global manufacturing downturn just as major crude producers meet this week to determine whether to increase supply. Brent crude futures dropped 24 cents, or 0.2%, to $99.82 a barrel, while WTI crude futures eased 10 cents, or 0.1%, to $93.78 a barrel. The slide came after Brent futures slumped on Monday to a session low of $99.09 a barrel, their lowest since July 15. The U.S. crude benchmark dropped to as low as $92.42 a barrel, it is weakest since July 14. The price drops also come as market participants await the outcome of a meeting on Wednesday between the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, together known as OPEC+, to decide on September output. Two of eight OPEC+ sources in a Reuter’s survey said that a modest increase for September would discussed at the Aug. 3 meeting. The rest said output is likely to hold steady. 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 pivot level is 94 as per today 1-hour chart, my view is sell on rise strategy is good for XTIUSD. Sell range of XTIUSD is 94 to 94.25 and there is very strong resistance zone at 96. Alternative Scenario: If XTIUSD will trade above 96 and sustain above in U.S. Session so it will be, give great opportunity to buy with the target of 98 with the stop loss of 95.
FXOPEN:XTIUSD
by RATONYCNC
#USOIL it's possible to sell#USOIL for Price trading the 4hr resistance area and waiting for bearish candlestick formation in resistance area and the next candle close below the previous candle its will move to the next level support Why we like it Price trading the 4hr resistance moving to the next level support waiting for bearish candlestick formation Trading in channel 1st support: 89.10 Next Zone area & horizontal swing Low support 1st Resistance 120.65 Zone area & horizontal swing high resistance
TVC:USOILShort
by Skandhatrade
What 1-hour chart says? Fundamental Development: Oil prices dropped on Monday, as weak manufacturing data from China and Japan for July weighed on the outlook for demand, while investors braced for this week's meeting of officials from OPEC and other top producers on supply adjustments. Brent crude futures were down 82 cents, or 0.8%, at $103.15 a barrel. U.S. West Texas Intermediate crude was at $97.44 a barrel, down $1.18, or 1.2%. Fresh COVID-19 lock downs snuffed out a brief recovery seen in June for factory activity in China, the world's largest crude oil importer. The Caixin/Markit manufacturing purchasing managers' index (PMI) eased to 50.4 in July from 51.7 in the previous month, well below analysts' expectations, data showed on Monday. 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 pivot level is 98 as per today 1-hour chart, my view is sell on rise strategy is good for XTIUSD. Sell range of XTIUSD is 98 to 98.25 and there is very strong resistance zone at 100. Alternative Scenario: If XTIUSD will trade above 100 and sustain above in U.S. Session so it will be, give great opportunity to buy with the target of 102 with the stop loss of 98.
FXOPEN:XTIUSD
by RATONYCNC
What 1-hour chart says? Fundamental Development: Oil up was on Friday morning in Asia. Investors now focus on the Organization of the Petroleum Exporting Countries and allies (OPEC+)’s meeting next week, where the bloc will decide the oil output. Brent oil futures inched up 0.03% to $101.86 and crude oil WTI futures jumped 0.28% to $96.69. Brent is set to climb nearly 5% for the week in its second straight weekly gain, while WTI is on track for a nearly 3% rise for the week, recouping the previous week’s losses. The dollar is softening, which usually leads to a rise in oil, as a weaker dollar makes crude cheaper for buyers holding other currencies. Short Term Technical View: In 1-hour chart, XTIUSD is trading below middle line of Bollinger band indicator. As per RSI Indicator showing bullishness in 1-hour chart, XTIUSD pivot level is 97 as per today 1-hour chart, my view is buy in dip strategy is good for XTIUSD. Buy range of XTIUSD is 95.75 to 95 and there is very strong support zone at 94. Alternative Scenario: If XTIUSD will trade below 94 and sustain below in U.S. Session so it will be, give great opportunity to sell with the target of 92 with the stop loss of 96.
FXOPEN:XTIUSD
by RATONYCNC
What 1-hour chart says? Fundamental Development: Oil gained more than $1 a barrel on Thursday, extending gains from the previous session, buoyed by improved risk appetite among investors while lower crude inventories and a rebound in gasoline demand in the United States supported prices. Brent crude futures for September rose $1.20, or 1.1%, to $107.82 a barrel, after gaining $2.22 on Wednesday. U.S. West Texas Intermediate crude (WTI) was at $98.70 a barrel, up $1.44, or 1.5%, after rising $2.28 in the previous session. The U.S. Federal Reserve raised its benchmark overnight interest rate by three-quarters of a percentage point, in line with expectations, to cool inflation, while the dollar fell on hopes for a slower hiking path. Short Term Technical View: In 1-hour chart, XTIUSD is trading below middle line of Bollinger band indicator. As per RSI Indicator showing bullishness in 1-hour chart, XTIUSD pivot level is 96.35 as per today 1-hour chart, my view is buy in dip strategy is good for XTIUSD. Buy range of XTIUSD is 96.35 to 96 and there is very strong support zone at 94.50. Alternative Scenario: If XTIUSD will trade below 94.50 and sustain below in U.S. Session so it will be, give great opportunity to sell with the target of 92.75 with the stop loss of 96.
FXOPEN:XTIUSD
by RATONYCNC
What 1-hour chart says? Fundamental Development: Oil prices held steady on Wednesday as concerns about weaker demand offset industry data that showed a larger-than-expected draw down in U.S. crude stockpiles. Brent crude futures were at $104.35 a barrel, down 5 cents, or 0.05%. U.S. West Texas Intermediate (WTI) crude rose 9 cents, or 0.1%, to $95.07 a barrel. WTI had climbed nearly $1 earlier in the session. After Tuesday's settlement, industry group the American Petroleum Institute said crude stocks in the United States fell by 4 million barrels last week. He U.S. government's Energy Information Administration releases its weekly oil report later on Wednesday. The Biden administration said on Tuesday it would sell an additional 20 million barrels of oil from the country's Strategic Petroleum Reserve as part of a previously announced plan to tap the facility to calm oil prices boosted by Russia's invasion of Ukraine and a recovery in demand following the COVID-19 pandemic. 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 pivot level is 94.80 as per today 1-hour chart, my view is sell on rise strategy is good for XTIUSD. Sell range of XTIUSD is 97 to 97.25 and there is very strong resistance zone at 99. Alternative Scenario: If XTIUSD will trade above 99 and sustain above in U.S. Session so it will be, give great opportunity to buy with the target of 102 with the stop loss of 97. (Note- Crude oil Inventory at 8 PM (IST))
FXOPEN:XTIUSD
by RATONYCNC
EURUSD bears brace for 0.9870 with eyes on FedEURUSD remains pressured around a one-week low as traders prepared for the Fed’s verdict, likely a 0.75% rate hike and Powell’s aggression. That said, the pair’s clear downside break of the 50-SMA directs the quote toward the multi-year low marked earlier in the month around 0.9950. Given the RSI approaches the oversold territory, the pair’s declines past 0.9950 appears less expected. However, the bear’s rejection to step back from 0.9950 could open the doors for the further south-run towards the 61.8% Fibonacci Expansion (FE) of June 27 to July 21 moves, around 0.9870. Meanwhile, recovery remains elusive below the 50-SMA level surrounding 1.0165. Following that the previous weekly top around 1.0275 could gain the EURUSD buyers’ attention. However, a convergence of the 200-SMA and downward sloping resistance line from early June, close to 1.0340, should challenge the bulls. Also acting as the key upside hurdle is the six-week-old horizontal area near 1.0360-65. Overall, EURUSD is likely to decline further towards refreshing the yearly bottom. However, it all depends upon the Fed’s actions. Hence, the trader’s discretion is required.
by MTradingGlobal