USOILPrice has brocken out of the channel, we expected price to continue sell side after the consolidation
Oilfutures
What 1-hour chart says? Fundamental Development: Oil prices rose on Friday, bouncing off their lowest levels since February in the previous session, as supply shortage concerns were enough to cancel out fears of slackening fuel demand. Brent crude rose 55 cents, or 0.6%, to $94.67 a barrel, while U.S. West Texas Intermediate crude was up 65 cents, or 0.8%, at $89.19 a barrel. Oil prices have come under pressure this week as the market fretted over the impact of inflation on economic growth and demand, but signs of tight supply kept a floor under prices. For September, OPEC+ is set to raise its oil output goal by 100,000 barrels per day. The hike is one of the smallest since OPEC quotas were introduced in 1982, OPEC data shows.
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 88.50 as per today 1-hour chart, my view is buy in dip strategy is good for XTIUSD. Buy range of XTIUSD is 88.50 to 88.25 and there is very strong support zone at 86.
Alternative Scenario: If XTIUSD will trade below 86 and sustain below in U.S. Session so it will be, give great opportunity to sell with the target of 83.51 with the stop loss of 88.50.
What 1-hour chart says? Fundamental Development: Oil prices rose on Tuesday for a second day on increasing concerns about tightening European supply after Russia, a key oil and natural gas supplier to the region, cut gas supply through a major pipeline. Brent crude futures for September settlement rose $1.66, or 1.6%, to $106.81 a barrel, extending a 1.9% gain in the previous day. U.S. West Texas Intermediate (WTI) crude futures for September delivery increased $1.47, or 1.5%, to $98.17 a barrel, having gained 2.1% on Monday. The U.S. central bank is widely expected to raise interest rates by 75 basis points at the conclusion of its policy meeting on Wednesday. That increase may reduce economic activity and thus affect fuel demand growth.
Short Term Technical View: In 1-hour chart, XTIUSD is trading above middle line of Bollinger band indicator. As per RSI Indicator showing weakness in 1-hour chart, XTIUSD pivot level is 95.50 as per today 1-hour chart, my view is sell on rise strategy is good for XTIUSD. Sell range of XTIUSD is 99 to 99.25 and there is very strong resistance zone at 101.
Alternative Scenario: If XTIUSD will trade above 101 and sustain above in U.S. Session so it will be, give great opportunity to buy with the target of 103 with the stop loss of 99.
What 1-hour chart says? Fundamental Development: Oil prices dropped on Monday, extending a recent losing streak on concerns that an expected rise in U.S. interest rates would weaken fuel demand. Brent crude futures for September settlement had fallen 67 cents, or 0.7%, to $102.53 a barrel, down for a fourth day. U.S. West Texas Intermediate (WTI) crude futures for September delivery slid 77 cents, or 0.8%, to $93.93 a barrel, also down for a fourth day. Oil futures have been volatile in recent weeks, as traders have tried to reconcile the possibilities of further interest rate hikes, which could limit economic activity and thus cut fuel demand growth, against tight supply from disruptions in trading of Russian barrels because of Western sanctions amid the Ukraine conflict.
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 95 as per today 1-hour chart, my view is sell on rise strategy is good for XTIUSD. Sell range of XTIUSD is 95 to 95.25 and there is very strong resistance zone at 97.25.
Alternative Scenario: If XTIUSD will trade above 97.25 and sustain above in U.S. Session so it will be, give great opportunity to buy with the target of 98.75 with the stop loss of 96.
What 1-hour chart says? Fundamental Development: Oil prices climbed in Asia trading on Friday, rebounding from previous declines amid supply tightness and geopolitical tensions, even though weakened demand in the United States has cast a shadow on the market this week. Brent crude futures raised $1.61, or 1.6%, to $105.47 a barrel, while U.S. West Texas Intermediate (WTI) crude futures gained $1.43, or 1.5%, to $97.78 a barrel. WTI has pummeled over the past two sessions after data showed that U.S. gasoline demand had dropped nearly 8% from a year earlier in the midst of the peak summer driving season, hit by record prices at the pump. In contrast, signs of strong demand in Asia propped up the Brent benchmark, putting it on course for its first weekly gain in six weeks.
Short Term Technical View: In 1-hour chart, XTIUSD is trading above middle line of Bollinger band indicator. As per RSI Indicator showing weakness in 1-hour chart, XTIUSD pivot level is 96.50 as per today 1-hour chart, my view is sell on rise strategy is good for XTIUSD. Sell range of XTIUSD is 97.50 to 97.75 and there is very strong resistance zone at 100.
Alternative Scenario: If XTIUSD will trade above 100 and sustain above in U.S. Session so it will be, give great opportunity to buy with the target of 102 with the stop loss of 98.
What 1-hour chart says? Fundamental Development Oil prices extended gains on Monday, propped up by a weaker dollar and tight supplies that offset concerns about recession and the prospect of widespread COVID-19 lockdowns in China again reducing fuel demand. Brent crude futures for September settlement rose 69 cents, or 0.7%, to $101.85 a barrel, after a 2.1% gain on Friday. U.S. West Texas Intermediate (WTI) crude futures for August delivery edged up 27 cents, or 0.3%, to $97.86 a barrel, after climbing 1.9% in the previous session. The U.S. dollar retreated from multi-year highs on Monday, supporting prices of commodities ranging from gold to oil. A weaker dollar makes dollar-denominated commodities more affordable for holders of other currencies.
Short Term Technical View: In 1-hour chart, XTIUSD is trading above upper line of Bollinger band indicator. As per RSI Indicator showing bullishness in 1-hour chart, XTIUSD pivot level is 94.52 as per today 1-hour chart, my view is buy in dip strategy is good for XTIUSD. Buy range of XTIUSD is 94.52 to 94.25 and there is very strong support zone at 92.52
Alternative Scenario: If XTIUSD will trade below 92.52 and sustain below in U.S. Session so it will be, give great opportunity to sell with the target of 90.52 with the stop loss of 94.
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.
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.
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.
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.
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.
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.
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.
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.
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.
What 1-hour chart says? Fundamental Development: Oil prices moved in a thin range on Friday as markets shrugged off the decision of OPEC+ to increase production and questioned whether the incremental output could make up for lost supply from Russia and meet China's growing demand amid easing COVID restrictions. U.S. West Texas Intermediate (WTI) crude futures dropped 29 cents to $116.58 a barrel, while Brent crude futures were down 15 cents at $117.46 a barrel. A decision on Thursday by the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, to boost output by 648,000 barrels per day (bpd) in July and August, instead of by 432,000 bpd as previously agreed, seen as hardly enough for a tight market. Government data on Thursday showed U.S. crude stockpiles fell much more than expected in the week to May 27 and gasoline inventories fell, defying expectations for an increase.
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 114. As per my view, buy on dip is good strategy for XTIUSD, buy range is 114 to 113.75, and there is very strong support zone at 112.50.
Alternative Scenario: If XTIUSD will trade below 112.50 and sustain below in U.S. Session so it will be, give great opportunity to sell with the target of 110.50 with the stop loss of 114.
What 1-hour chart says? Fundamental Development Oil prices fell on Thursday as investors cashed in on a recent rally ahead of a key producers meeting later in the day, with some speculation that Saudi Arabia may boost oil production in response to urging by the United States. Brent crude was down $2.08, or 1.8%, at $114.21 a barrel, having risen 0.6% the previous day. U.S. West Texas Intermediate (WTI) crude dropped $2.25, or 2.0%, to $113.01 a barrel, after a 0.5% rise on Wednesday. The benchmarks have marched higher for several weeks as Russian exports have squeezed by EU and U.S. sanctions against Moscow over its invasion of Ukraine, actions that Russia calls a "special operation". The Wall Street Journal reported on Tuesday that some OPEC members were considering suspending Russia from the agreed production plan, to allow other producers to pump significantly crude, as sought by the United States and European nations.
Short Term Technical View: In 1-hour chart, XTIUSD is trading below middle line of Bollinger band indicator. RSI indicator is showing weakness in XTIUSD. As per the 1-hour chart, XTIUSD is trading below today support level 112.50. As per my view, Sell on rise is good strategy for XTIUSD, Sell range is 113 to 113.25, and there is very strong resistance zone at 115.40.
Alternative Scenario: If XTIUSD will trade above 115.40 and sustain above in U.S. Session so it will be, give great opportunity to buy with the target of 117.40 with the stop loss of 113.
What 1-hour chart says? Fundamental Development Oil prices extended gains on Tuesday after the EU agreed to slash oil imports from Russia, fueling worries of a tighter market already strained for supply amid rising demand ahead of peak U.S. and European summer driving season. Brent crude for July, which expires on Tuesday, raised $1.13 to a fresh two-month top of $122.80 a barrel. The more active August contract raised $1.34 to $118.94. U.S. West Texas Intermediate (WTI) crude futures were trading at $118.25 a barrel, up $3.18 from Friday's close. There was no settlement on Monday due to a U.S. public holiday. Both benchmarks have posted daily gains since Wednesday. European Union leaders agreed in principle to cut 90% of oil imports from Russia by the end of 2022, resolving a deadlock with Hungary over the bloc's toughest sanction yet on Moscow since the invasion of Ukraine three months ago.
Short Term Technical View: In 1-hour chart, XTIUSD is trading upper line of Bollinger band indicator. RSI indicator is showing strength in XTIUSD. As per the 1-hour chart, XTIUSD is trading above resistance level (2) 117.40. As per my view, buy on dip is good strategy for XTIUSD, buy range is 116 to 115.75, and there is very strong support zone at 114.50.
Alternative Scenario: If XTIUSD will trade below 114.50 and sustain below in U.S. Session so it will be, give great opportunity to sell with the target of 112.50 with the stop loss of 115.75.
What 1-hour chart says? Fundamental Development Oil was up on Monday morning in Asia, hitting two-month highs as investors wait and see if the European Union can reach an agreement on a sixth package of sanctions against Russia for its war in Ukraine. Brent oil futures rose 0.73% to $116.and WTI futures rose 0.85% to $116.05, extending the previous week’s gains. The EU will meet on Monday and Tuesday to discuss a sixth package of sanctions against Russia for its invasion of Ukraine on Feb. 24. Also adding to a tight market, the Organization of the Petroleum Exporting Countries and allies (OPEC+), which includes Russia, are set to rebuff Western calls to increase their oil output additions when it meets on Thursday. The cartel will stick to its plan to add 432,000 barrels per day in July 2022; six OPEC+ sources told Reuters.
Short Term Technical View: In 1-hour chart, XTIUSD is trading upper line of Bollinger band indicator. RSI indicator is showing strength in XTIUSD. As per the 1-hour chart, XTIUSD is trading near today resistance level 114.70. As per my view, buy on dip is good strategy for XTIUSD, buy range is 113 to 112.75, and there is very strong support zone at 111.75.
Alternative Scenario: If XTIUSD will trade below 111.75 and sustain below in U.S. Session so it will be, give great opportunity to sell with the target of 110.25 with the stop loss of 113.
What 1-hour chart says? Fundamental Development Oil prices hovered around a two-month high on Friday, with Brent crude on track for its biggest weekly jump in 1-1/2 months, supported by the prospect of an EU ban on Russian oil and the coming summer driving season in the United States. Brent crude futures for July dipped 9 cents to $117.31 a barrel after rising to as high as $118.17 earlier in the session. The benchmark was on track for a gain of about 4% this week. U.S. West Texas Intermediate (WTI) crude futures were down 18 cents, or 0.2%, at $113.91 a barrel. WTI set for a weekly gain of about 0.7%. "Ahead of peak U.S. driving season, refined products remain in alarmingly short supply in the West, which should keep a high floor on oil prices through the summer." OPEC+ is set to stick to last year's oil production deal at its June 2 meeting and raise July output targets by 432,000 barrels per day, six OPEC+ sources told Reuters, rebuffing Western calls for a faster increase to lower surging prices.
Short Term Technical View: In 1-hour chart, XTIUSD is trading upper line of Bollinger band indicator. RSI indicator is showing strength in XTIUSD. As per the 1-hour chart, XTIUSD is trading above today pivot level 111.55. As per my view, buy on dip is good strategy for XTIUSD, buy range is 111.50 to 111, and there is very strong support zone at 110.
Alternative Scenario: If XTIUSD will trade below 110 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 111.50
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.
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.
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.
