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Oil

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
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