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Oil

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
What 1-hour chart says? Fundamental Development Oil was up on Thursday morning in Asia, extending gains from the previous session after the European Union (EU) unveiled new sanctions against Russia. Brent oil futures were up 0.35% to $110.53 and WTI futures edged up 0.20% to $108.03. The EU proposal, announced by European Commission President Ursula vonder Leyen, includes phasing out supplies of Russian crude in six months and refined products by the end of 2022. The proposal could also see EU companies banned from offering shipping, brokerage, insurance , and financing services to transport Russian oil in a month’s time. The Organization of the Petroleum Exporting Countries (OPEC) and allies (OPEC+) will meet later in the day, where it expected to agree to raise production targets by 432,000 bpd for June 2022, four OPEC+ delegates told Reuters. Short Term Technical View: In 1-hour chart, XTIUSD is trading above upper line of Bollinger band indicator. RSI indicator also showing bullishness above 50 level, and XTIUSD is trading yesterday major resistance level 107.20. As per the 1-hour chart buy on dip, strategy is good for XTIUSD. As per my view, XTIUSD buy range is 106 to 106.50 and there is very strong support zone at 105.66. Alternative Scenario: If XTIUSD will trade below pivot level 105.80 in U.S. Session so it will be give great opportunity to sell with the target of 104.25 with the stop loss of 106.80.
FXOPEN:XTIUSD
by RATONYCNC
What 1-hour chart says? Fundamental Development Oil was up on Thursday morning in Asia, extending gains from the previous session after the European Union (EU) unveiled new sanctions against Russia. Brent oil futures were up 0.35% to $110.53 and WTI futures edged up 0.20% to $108.03. The EU proposal, announced by European Commission President Ursula vonder Leyen, includes phasing out supplies of Russian crude in six months and refined products by the end of 2022. The proposal could also see EU companies banned from offering shipping, brokerage, insurance, and financing services to transport Russian oil in a month’s time. The Organization of the Petroleum Exporting Countries (OPEC) and allies (OPEC+) will meet later in the day, where it expected to agree to raise production targets by 432,000 bpd for June 2022, four OPEC+ delegates told Reuters. Short Term Technical View: In 1-hour chart, XTIUSD is trading above upper line of Bollinger band indicator. RSI indicator also showing bullishness above 50 level, and XTIUSD is trading yesterday major resistance level 107.20. As per the 1-hour chart buy on dip, strategy is good for XTIUSD. As per my view, XTIUSD buy range is 106 to 106.50 and there is very strong support zone at 105.66. Alternative Scenario: If XTIUSD will trade below pivot level 105.80 in U.S. Session so it will be give great opportunity to sell with the target of 104.25 with the stop loss of 106.80.
FXOPEN:XTIUSD
by RATONYCNC
What 1-hour chart says? Fundamental Development Oil was up on Wednesday morning in Asia, with investors continuing to digest a draw down in U.S. crude supply that raised supply concerns. Brent oil futures rose 1.01% to $106.03 and WTI futures jumped 1.14% to $103.58. The gains came after the European Union said on Tuesday that it is mapping out fresh sanctions against Russia. The sanctions, which come in response to Moscow’s invasion of Ukraine on Feb. 24, will target Russian crude supply. Russia is the second-largest crude oil exporter globally. Tuesday’s U.S. Crude oil supply data from the American Petroleum Institute showed a draw of 3.479 million barrels for the week ended Apr. 28. Short Term Technical View: In 1-hour chart, XTIUSD is trading Middle line of Bollinger band indicator. As per today is a crude oil inventory data at 8 pm (IST) that’s why XTIUSD is trading today pivot level 102.98. As per the 1-hour chart sell on rise strategy is good for XTIUSD. As per my view, XTIUSD sell range is 104 to 104.50 and there is very strong resistance zone at 105.66. Alternative Scenario: If XTIUSD will trading above pivot level 102.98 in U.S. Session and Crude oil inventories data will show positive and RSI Indicator also trading above 50 levels so it will be give great opportunity to buy with the target of 107 with the stop loss of 101.66
FXOPEN:XTIUSD
by RATONYCNC
What 1-hour chart says? Fundamental Development: Oil prices fell on Monday in holiday-sapped trade in Asia as concerns about weak economic growth in China, the world's top oil importer, outweighed fears of potential supply stress from a looming European Union ban on Russian crude. Brent crude futures fell $1.13, or 1.1%, to $106.01 a barrel, while U.S. West Texas Intermediate (WTI) crude futures fell $1, or 1%, to $103.69 a barrel. Prices fell after China released data on Saturday showing that factory activity in the world's second-largest economy contracted for a second month to its lowest since February 2020 because of COVID lock downs. Royal Bank of Canada analysts estimated India's crude imports from Russia have grown from less than 100,000 bpd in 2021 to 800,000 bpd in April and expect India to continue ramping up imports as long as Washington does not impose secondary sanctions. Short Term Technical View: In 1-hour chart, XTIUSD is trading Lower band of Bollinger indicator, also RSI indicator showing weakness below 50 levels. Now XTIUSD is trading below today pivot level 105.54. As per the 1-hour chart sell on rise strategy is good for XTIUSD. As per my view, XTIUSD sell range is 105 to 105.35 and there is very strong resistance zone at 107. Alternative Scenario: If XTIUSD will not sustain below pivot level 105.54 in U.S. Session and RSI Indicator also trading above 50 levels so it will be give great opportunity to buy with the target of 107 with the stop loss of 104.
FXOPEN:XTIUSD
by RATONYCNC
What 1-hour chart says? Fundamental Development: Oil was down on Thursday morning in Asia as the latest COVID-19 outbreaks and fears of more lock downs in China drove fuel demand fears. Brent oil futures slid 1.44% to $103.44 and WTI futures fell 1.36% to $100.63. The Chinese capital city of Beijing reported 48 new symptomatic and two new asymptomatic COVID-19 cases for April 27, CCTV reported on Thursday. The city began a mass testing program to avoid a lock down like the one that has been in place in Shanghai for a month. The city of Hangzhou will also conduct mass COVID testing from Apr. 28, according to state media reported on Wednesday. Short Term Technical View: As per Bollinger band indicator XTIUSD is showing strong bullishness in 1-hour chart. And RSI indicator also showing strength above 50 level It is trading near support level 100.55. As per the chart buy on the dip, strategy is good for XTIUSD. As per my view if XTIUSD trading above today pivot level 101.87 in U.S. Session so it will be give great opportunity to buy and test next resistance level 103.87 near term. There is very strong support zone below 100. Alternative Scenario: If XTIUSD will not sustain above support level 100 in U.S. Session and USD Advance GDP q/q data indicate negative so it will be give great opportunity to short sell with the target of 98.45.
FXOPEN:XTIUSD
by RATONYCNC
Crudeoil Bearish Bat pattern foundThere is an harmonic pattern found in crudeoil mcx and Usoil. Entry & stop marked red and black, targets in blue color. Note: Always try to find a good price action patterns or any candle stick patterns in marked zones in smaller timeframe to take entry with small stop loss. If you follow diagonal trendlines you can take entry and exit easily. (Color code (only for diagonal trendlines ): green - bullish , red - bearish , black & violet reversal points). If any doubt for take entry in price action patterns, please ask in comment box, i will try to help. Disclaimer: Im not tip provider and this chart is not indented to take trade in my levels, It is shared here for learning purpose. It is all your own risk.
MCX:CRUDEOIL1!Short
by Elango-ragavan
What 1-hour chart says? Fundamental Development: Oil prices extended gains in early Asian trade on Wednesday amid simmering geopolitical tensions as Russia cut gas supplies to Poland, while hopes of Chinese economic stimulus buoyed the demand outlook. Brent crude futures rose 44 cents, or 0.4%, to $105.43 a barrel. U.S. West Texas Intermediate crude futures gained 12 cents, or 0.1%, to $101.82 a barrel. Crude prices settled about 3% higher on Tuesday in volatile trade as the market torn between supply and demand concerns over Russian oil and gas disruption and a worsening global economic outlook. Short Term Technical View: As per Bollinger, band indicator XTIUSD is showing strong bullishness in 1-hour chart. It is trading above yesterday resistance level 101.75. As per the chart buy on the dip strategy is good for XTIUSD. As per my view if XTIUSD trading above 101.75 in U.S. Session and crude oil inventories data also indicate positive so it will test next resistance level 104 near term . There is very strong support zone below 100. (Note: Crude oil Inventories will release at 8 PM (IST). Alternative Scenario: If XTIUSD will not sustain above 101.75 in U.S. Session and Crude oil inventories data indicate negative so it will be give great opportunity to short sell with the target of 98.
FXOPEN:XTIUSD
by RATONYCNC
Strong reversal showing WTI 1 hr Chart Fundamental Development : Oil was up on Tuesday morning in Asia opening higher after falling sharply during the prior session. WTI futures were up 0.97% to $99.50. Both Brent and WTI benchmarks ended the previous session down around 4%, with Brent tumbling as much as $7 a barrel during the session and WTI falling roughly $6 a barrel. China will keep liquidity reasonably ample in financial markets, the People's Bank of China said in a statement on Tuesday, a day after the central bank announced a cut to banks' foreign exchange reserve ratio to support the economy. Short Term Technical View: As per bollinger band indicator WTI future is taking strong reversal at support level 95.80 , Technically RSI Indicator also indicate reversal in the chart and showing bullishness above 50 level and increasing volume at support level showing strong buying , As per my view If WTI break today days high of 99.85 and CB Consumer Confidence data release in U.S. Session also indicate positive so it will be great opportunity to buy WTI futures above 99.85 with the target of 101.75 and take a stop loss at 98.68 . Alternative Scenario : If WTI future will not sustain above 99.50 level and break today low 95.80 and CB Consumer Confidence data release in U.S. Session also indicate negative so it will be great opportunity to short sell WTI futures below 95.80 level with the target of 93 and take a stop loss of 97.50 .
NYMEX:CL1!
by RATONYCNC
1
Crudeoil levels for 26-4-2022As per price action crudeoil is in sell on rise mode. Note: Always try to find a good price action patterns or any candle stick patterns in marked zones in smaller timeframe to take entry with small stop loss. If you follow diagonal trendlines you can take entry and exit easily. (Color code (only for diagonal trendlines ): green - bullish, red - bearish, black & violet reversal points). If any doubt for take entry in price action patterns, please ask in comment box, i will try to help. Disclaimer: Im not tip provider and this chart is not indented to take trade in my levels, It is shared here for learning purpose. It is all your own risk.
MCX:CRUDEOIL1!
by Elango-ragavan