Black Friday saleUp to 70% OFF

Oil

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.
FXOPEN:XTIUSD
by RATONYCNC
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.
FXOPEN:XTIUSD
by RATONYCNC
What 1-hour chart says? Fundamental Development: Oil was down on Friday morning in Asia, weighed down by demand concerns following global interest rate hikes. Brent oil futures were down 0.62% to $119.07 and crude oil WTI futures were down 0.69% to $116.78. The Bank of Japan Friday decided to keep policy ultra loose despite rising inflation while some other global central banks are adopting tight monetary policies. The U.S. imposed sanctions on Chinese, Emirati companies, and a network of Iranian firms that help with Iran’s petrochemicals exports, aiming to pose pressure on Tehran to revive the 2015 Iran nuclear deal. 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 is trading above pivot level 113.50. As per my view buy on dip, strategy is good for XTIUSD. Buying range of XTIUSD is 113.50 to 113 and there is very strong support zone at 112. Alternative Scenario: If XTIUSD will trade below 112 and sustain below in U.S. Session so it will be, give great opportunity to sell with the target of 110.75 with the stop loss of 113.75.
FXOPEN:XTIUSD
by RATONYCNC
What 1-hour chart says? Fundamental Development: Oil was up on Thursday morning in Asia, supported by peak summer demand and tight global supply, despite the U.S. interest rate hike spurring concerns over less fuel demand. Brent oil futures rose 0.65% to $119.28 and crude oil WTI futures jumped 0.91% to $116.36. Wednesday’s U.S. crude supply data from the U.S. Energy Information Administration showed a build of 1.956 million barrels for the week ended June 10. Investors now are assessing tight supplies and robust demand as the West imposed sanctions on Russian oil while China's oil demand expected to rebound with COVID-19 curbs easing. Crude supply data from the American Petroleum Institute released the day before, showed a build of 0.736 million barrels. 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, Now XTIUSD is trading below pivot level 114.50. As per my view buy on dip, strategy is good for XTIUSD. Buying range of XTIUSD is 113.75 to 113.50 and there is very strong support zone at 112.25. Alternative Scenario: If XTIUSD will trade below 112.25 and sustain in U.S. Session so it will be, give great opportunity to sell with the target of 110.75 with the stop loss of 113.75.
FXOPEN:XTIUSD
by RATONYCNC
What 1-hour chart says? Fundamental Development: Oil was up on Wednesday morning in Asia amid concerns of uncertain economic outlook ahead of potentially aggressive U.S. interest rate hikes decisions. Brent oil futures edged up 0.14% to $121.34 and crude oil WTI futures edged up 0.15% to $119.11. Tuesday’s U.S. crude supply data from the American Petroleum Institute showed a build of 0.736 million barrels for the week ended June 10. Friday’s red-hot inflation data has raised the market expectations of an interest rate hike by 75 basis points, the largest in 28 years. The Organization of Petroleum Exporting Countries and allies (OPEC+) stuck to its forecast that world oil demand will exceed pre-pandemic levels in 2022 in its monthly report. Investors now await crude supply data from the U.S. Energy Information Administration, due later in the day. Short Term Technical View: In 1-hour chart, XTIUSD is trading below middle line of Bollinger band indicator. As per RSI Indicator also showing weakness in 1-hour chart, Now XTIUSD is trading below pivot level 117.25. As per my view, sell on rise is good strategy for XTIUSD, sell range is 117.25 to 117.50, and there is very strong resistance zone at 118.75. Alternative Scenario: If XTIUSD will trade above 118.75 and sustain in U.S. Session so it will be, give great opportunity to buy with the target of 120 with the stop loss of 117.25. (Important Note- Crude oil inventory data will release at 8 P.M. (IST)
FXOPEN:XTIUSD
by RATONYCNC
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.
FXOPEN:XTIUSD
by RATONYCNC
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.
FXOPEN:XTIUSD
by RATONYCNC
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.
FXOPEN:XTIUSD
by RATONYCNC
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