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Oilanalysis

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
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: Fundamental Development: Oil was up on Friday morning in Asia, but ongoing COVID-19 lock downs dampened fuel demand in China ahead of a long holiday. However, supply disruption fears as Western sanctions impact crude and product exports from Russia underpinned prices. Brent oil futures rose 0.82% to $108.14 after jumping 2.1% during the previous session. With the front-month June contract expiring later in the day, the more active July contract fell 30 cents to $106.96 a barrel. WTI futures gained 0.52% to $105.91 after settling 3.3% higher on Thursday. Both Brent and WTI contracts are set to close the week and month higher, with WTI on track to post five consecutive months of gains. The increased likelihood that Germany will join other European Union member states in an embargo on Russian oil also gave the black liquid a boost. Short Term Technical View: In 1-hour chart, XTIUSD is showing strong bullishness. XTIUSD is trading upper band of bollinger band also RSI indicator showing strength above 50 levels. XTIUSD is trading above yesterday resistance level 105. As per the chart buy on the dip, strategy is good for XTIUSD. As per my view, XTIUSD buy range is 104 to 103.50 and there is very strong support zone below 103. Alternative Scenario: If XTIUSD will not sustain above support level 103 in U.S. Session and USD Core PCE Price Index m/m data, indicate negative so it will be give great opportunity to short sell with the target of 101.50 with the stop loss of 104.50.
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
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