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Oilforecast

What 1-hour chart says? Fundamental Development: Oil was down on Wednesday morning in Asia while investors looked toward U.S. inflation data that could weaken the market. Brent oil futures inched down 0.01% to $99.47 and crude oil WTI futures edged down 0.13% to $95.72. Investors now await U.S. Consumer price index (CPI) for more clues on the U.S. Federal Reserve’s monetary policy path, which is due later in the day. Analysts predicted that the print would hit a 40-year high in June from a year earlier, the largest jump since 1981. Investors are worried that aggressive interest rate hikes to tame inflation will spur an economic downturn that will hit oil demand. 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 95.75 as per today 1-hour chart, my view is buy in dip strategy is good for XTIUSD. Buy range of XTIUSD is 93.75 to 93.55 and there is very strong support zone at 91.55 Alternative Scenario: If XTIUSD will trade below 91.55 and sustain below in U.S. Session so it will be, give great opportunity to sell with the target of 89.55 with the stop loss of 93.55.
FXOPEN:XTIUSD
by RATONYCNC
What 1-hour chart says? Fundamental Development: Oil was down on Tuesday morning in Asia as demand concerns spurred as China discovered cases of highly infectious BA.5 omicron sub-variant. Brent oil futures retreated 1.56% to $105.43 and crude oil WTI futures fell 1.67% to $102.34. “Growing fears of a recession and continued sluggish demand in China is pulling oil prices lower, though the current supply-demand balances remain precarious,” Several Chinese cities are adopting fresh COVID -19 curbs to rein in new infections as the country has detected highly infectious BA.5 sub variant cases. On the supply side, Western sanctions on Russia over its invasion of Ukraine have disrupted crude and fuel supply. There have been curtailments of energy supply routes from Russia, which concerns traders and utilities. Short Term Technical View: In 1-hour chart, XTIUSD is trading below lower line of Bollinger band indicator. As per RSI Indicator showing weakness in 1-hour chart, XTIUSD pivot level is 101 as per today 1-hour chart, my view is sell in rise strategy is good for XTIUSD. Sell range of XTIUSD is 101 to 101.25 and there is very strong Resistance zone at 102.50. Alternative Scenario: If XTIUSD will trade above 102.50 and sustain above in U.S. Session so it will be, give great opportunity to buy with the target of 104 with the stop loss of 101.
FXOPEN:XTIUSD
by RATONYCNC
What 1-hour chart says? Fundamental Development: Oil prices fell on Monday in volatile trade, reversing some gains from the previous session as markets braced for new mass COVID testing in China potentially hitting demand, a worry that outweighed ongoing concerns about tight supply. Brent crude futures fell $1.02, or 1%, to $106.00, after climbing 2.3% on Friday. U.S. West Texas Intermediate (WTI) crude futures declined by $1.38, or 1.3%, to $103.41, paring a 2% gain from Friday. Trading was thinned by a public holiday in parts of Southeast Asia, including oil-trading hub Singapore. The market remains jittery about plans by Western nations to cap Russian oil prices, with President Vladimir Putin warning further sanctions could lead to "catastrophic" consequences in the global energy market. Short Term Technical View: In 1-hour chart, XTIUSD is trading below lower line of Bollinger band indicator. As per RSI Indicator showing weakness in 1-hour chart, XTIUSD pivot level is 101.50 as per today 1-hour chart, my view is sell in rise strategy is good for XTIUSD. Sell range of XTIUSD is 101.50 to 101.75 and there is very strong Resistance zone at 102.97. Alternative Scenario: If XTIUSD will trade above 102.97 and sustain above in U.S. Session so it will be, give great opportunity to buy with the target of 105.45 with the stop loss of 101.51.
FXOPEN:XTIUSD
by RATONYCNC
What 1-hour chart says? Fundamental Development: Oil prices edged slightly higher in volatile Asian trade on Friday, reversing earlier losses as the market weighed up the tight global supply concerns against recession fears. Brent crude futures rose 48 cents, or 0.5%, to $105.13 a barrel by 0630 GMT, after a near 4% rise on Thursday. U.S. West Texas Intermediate crude inched up 3 cents to $102.76 a barrel, having settled 4.2% higher a day earlier. However, both contracts are still set for their second straight weekly loss. Trade this week marked by a sharp sell-off on Tuesday, when WTI slid 8% and Brent tumbled 9%. Brent's $10.73 drop was the third biggest for the contract since it started trading in 1988. 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 98 As per today 1-hour chart, my view is buy in deep strategy is good for XTIUSD. Buy range of XTIUSD is 98 to 97.85 and there is very strong support zone at 96. Alternative Scenario: If XTIUSD will trade below 96 and sustain below in U.S. Session so it will be, give great opportunity to sell with the target of 93 with the stop loss of 98.
FXOPEN:XTIUSD
by RATONYCNC
What 1-hour chart says? Fundamental Development: Oil was up on Thursday morning in Asia on supply concerns, after falling during the previous two sessions. Brent oil futures rose 0.51% to $101.20 and crude oil WTI futures jumped 0.56% to $99.11. Both benchmarks closed on Wednesday at their lowest since April 11. The declines follow a dramatic fall on Tuesday despite tight global supplies. Oil prices have slid alongside other commodities such as metals and palm oil as global central banks hiked interest rates, which spurred fears of a recession that could dampen demand for commodities. For the supply side, investors are assessing possible oil supply disruption at the Caspian Pipeline Consortium (CPC), which has told by a Russian court to suspend activity for 30 days. Exports at CPC, which handles about 1% of global oil supplies, were still flowing as of Wednesday morning. 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 95.95. As per today 1-hour chart, my view is buy in deep strategy is good for XTIUSD. Buy range of XTIUSD is 94.25 to 94 and there is very strong support zone at 92.45. Alternative Scenario: If XTIUSD will trade below 92.45 and sustain below in U.S. Session so it will be, give great opportunity to sell with the target of 89 with the stop loss of 94.
FXOPEN:XTIUSD
by RATONYCNC
What 1-hour chart says? Fundamental Development: Oil was up on Tuesday morning in Asia over supply tightness concerns as a strike in Norway threatened to disrupt oil and gas output. Brent oil futures rose 0.23% to $113.73 and crude oil WTI futures jumped 1.86% to $110.46. On Tuesday, Norwegian offshore workers began a strike that will reduce oil and gas output, according to Reuters. The strike expected to reduce oil and gas output by 89,000 barrels of oil equivalent per day. Oil production will cut by 130,000 barrels per day from Wednesday, accounting for around 6.5% of Norway’s production, according to Reuters. 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 107.55. As per today 1-hour chart, my view is buy in deep strategy is good for XTIUSD. Buy range of XTIUSD is 107.55 to 107.25 and there is very strong support zone at 106.55. Alternative Scenario: If XTIUSD will trade below 106.55 and sustain below in U.S. Session so it will be, give great opportunity to sell with the target of 105 with the stop loss of 107.75.
FXOPEN:XTIUSD
by RATONYCNC
What 1-hour chart says? Fundamental Development: Oil was down on Monday morning in Asia as fears of an economic slowdown outweighed the supply tightness amid lower output from the Organization of the Petroleum Exporting Countries (OPEC).Brent oil futures inched up 0.05% to $111.66 and crude oil WTI futures inched up 0.01% to $108.42. In addition, a strong USD also weakens broad commodity markets, including crude prices.” In the U.S. and elsewhere, signs of economic weakness are becoming more apparent with U.S. consumer sentiment dropping to a record low in June. The U.S. Federal Reserve reiterated last week its resolution to bring down inflation, increasing concerns of a recession following interest rate hikes. 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 105.85. As per today 1-hour chart, my view is buy in deep strategy is good for XTIUSD. Buy range of XTIUSD is 105.85 to 105.55 and there is very strong support zone at 104. Alternative Scenario: If XTIUSD will trade below 104 and sustain below in U.S. Session so it will be, give great opportunity to sell with the target of 102 with the stop loss of 105.50.
FXOPEN:XTIUSD
by RATONYCNC
What 1-hour chart says? Fundamental Development: Oil was up on Monday morning in Asia as investors are looking for more clues from the G7 meeting this week on Russian oil exports and a revival of the Iran nuclear deal. Brent oil futures inched up 0.06% to $109.16 and crude oil WTI futures stabilized at $107.62. Oil prices remained well supported above $100 a barrel as crude and oil product supplies remained tight after the West posed sanctions on Russian oil. Leaders of the Group of Seven (G7) expected to discuss ways to tackle rising energy prices. Measures include a possible price cap on Russian crude and oil products exports, which might curb Russia’s revenue and at the same time reduce the damage to other economies. Short Term Technical View: In 1-hour chart, XTIUSD is trading at middle line of Bollinger band indicator. As per RSI Indicator showing weakness in 1-hour chart, XTIUSD pivot level is 105.45. As per today 1-hour chart, my view is sell on rise strategy is good for XTIUSD. Sell range of XTIUSD is 107 to 107.25 and there is very strong resistance zone at 108.50. Alternative Scenario: If XTIUSD will trade above 108.50 and sustain above in U.S. Session so it will be, give great opportunity to buy with the target of 109.95 with the stop loss of 107.50.
FXOPEN:XTIUSD
by RATONYCNC
What 1-hour chart says? Fundamental Development: Oil was down on Friday morning in Asia as fears of slower demand from slowing U.S. economic growth and supply concerns weighed on the market. Brent oil futures inched down 0.09% to $109.94 and crude oil WTI futures gained 0.14% to $104.42. The Organization of the Petroleum Exporting Countries and allies (OPEC+) producers including Russia will likely stick to a plan to increase output by 648,000 barrels a day in August, which is hoping to bring down crude prices as U.S. President Joe Biden plans to visit Saudi Arabia, according to Reuters. Wednesday’s U.S. crude supply data from the American Petroleum Institute showed a build of 5.607 million barrels for the week ended June 17. 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 103.75. As per today 1 hour chart my view is sell on rise, this strategy is good for XTIUSD. Sell range of XTIUSD is 104.75 to 105 and there is very strong resistance zone at 106. Alternative Scenario: If XTIUSD will trade above 106 and sustain above in U.S. Session so it will be, give great opportunity to buy with the target of 108.64 with the stop loss of 104.75.
FXOPEN:XTIUSD
by RATONYCNC
What 1-hour chart says? Fundamental Development: Oil was down on Thursday morning in Asia as investors are worried that tightening monetary policy could trigger a recession and dampen fuel demand. Brent oil futures fell 2.31% to $109.16. In addition, crude oil WTI futures divided 2.61% to $103.42. Investors are concerned about a recession caused by tightening monetary policy. U.S. Federal Reserve is not trying to trigger a recession to tame inflation but is fully committed to bringing down prices, Fed Chair Jerome Powell said on Wednesday. U.S. President Joe Biden called on Congress to suspend a federal tax on gasoline to bring down soaring fuel prices and offer some relief to American families before summer peak. 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 104.35. As per my view buy on dip, strategy is good for XTIUSD. Buy range of XTIUSD is 103 to 102.75 and there is very strong resistance zone at 102. Alternative Scenario: If XTIUSD will trade below 102 and sustain above in U.S. Session so it will be, give great opportunity to sell with the target of 100 with the stop loss of 103.25.
FXOPEN:XTIUSD
by RATONYCNC
What 1-hour chart says? Fundamental Development: Oil was down on Wednesday morning in Asia as U.S. President Joe Biden is set to push for U.S. fuel cost cuts. Brent oil futures slid 3.03% to $111.18 and crude oil WTI futures dived 3.37% to $105.83.U.S. President Joe Biden is expected on Wednesday to call on Congress to temporarily suspend a federal tax on gasoline to bring down soaring fuel prices and alleviate the pressure on consumers. Seven oil companies are set to meet Biden on Thursday, under pressure from the White House to bring down fuel prices. Short Term Technical View: In 1-hour chart, XTIUSD is trading below line of Bollinger band indicator. As per RSI Indicator showing weakness in 1-hour chart, XTIUSD pivot level is 108.30. As per my view sell on rise, strategy is good for XTIUSD. Sell range of XTIUSD is 107 to 107.25 and there is very strong resistance zone at 108.50. Alternative Scenario: If XTIUSD will trade above 108.50 and sustain above in U.S. Session so it will be, give great opportunity to buy with the target of 109.50 with the stop loss of 107.
FXOPEN:XTIUSD
by RATONYCNC
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 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
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