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Short Crude for 2$ - 4$Short crude oil@ 120.5$ for the 1 st target of 118-117$ , 2nd target 112$ , 3rd 110$. Analysis - Crude taking rejection from higher levels , India and china largest importers of crude increased buying russian oil, Russia has crossed UAE as 2nd largest exporter to India. Fed meeting will increase rates that inversely affects all commodities. Supply is still tight but crude is in overbought zone and likely to come at 112$ levels. made short from 122$ and running in good profits.
FX:USOILShort
by srajgolikar8
4
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 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.
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 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.
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
How to create high quality trade ideas?Hey everyone! 👋 This week, we will be taking a look at the ingredients that go into creating and posting high-quality trade ideas. While many think that a good trade idea begins and ends with finding a high probability chart setup in a liquid, volatile asset, the *best* trade ideas often combine multiple disciplines - which could include macroeconomic analysis, fundamental analysis, technical analysis, or some combination therein - into one cohesive unit. Getting in the habit of incorporating all of these factors into your thought process can lead to much higher quality setups, whether or not you choose to share them with the community. Let’s jump in! There are a couple of questions that you should ask yourself when trying to come up with high-quality ideas, and they boil down to the familiar five: Who, What, Where, When, and Why. Let's start with Who. WHO: Who is this trade idea meant for? When posting a trade idea, don’t assume that the idea is one-size-fits-all. The most obvious way TradingView helps in this regard is by categorizing posts by asset class, so FX traders are looking mostly at FX ideas, and crypto investors aren’t constantly exposed to commodity futures spreads. However, there are more subtle ways this happens as well. Different traders and investors often have different styles of trading, and so even within a single asset class, a long-term investment idea may not be applicable to a short-term trader. When creating a trade idea, it may make sense to identify to readers (and yourself) who this idea is for, and within what strategy it might best fit. WHAT: Most ideas do a great job at answering this question! It’s very simple: at its core, what does this idea want to do? Whether that idea boils down to shorting the stock market or building a long/short cryptocurrency spread, make sure that your idea clearly identifies what the core thrust of the trade is. WHY: This is the crux of any good trade idea. Why should someone commit capital and risk money according to your vision? It is common for traders, especially new traders, to think that answering this question comes down to building up a confluence of price patterns, indicators, and chart drawings until they line up and it is all systems go. In some cases, this serves as a reasonable answer to the “why” question - especially when assets have strong momentum. However, oftentimes this approach may not go deep enough. What if the long technical setup on your chart is in a stock where the company’s business outlook is worsening? What if the descending triangle you’re looking at trading occurs within a larger bull market? This is where incorporating multiple disciplines, whether it’s fundamental analysis or macroeconomic understanding, can improve the quality of your trade ideas. Understanding some of the context surrounding the asset you’re trading can serve to layer probability in your favor. Here’s the bottom line: the current price in any market is a reflection of the consensus view of the future. It’s important to illustrate *why* that pricing might be materially incorrect. WHERE / WHEN: It’s important to illustrate why *right now* is the right time to act on the idea, and this is where technicals can come in very handy. Broadly speaking, fundamental data on most assets only comes out once every couple of weeks, if that. It’s even longer between fundamental data releases for stocks. Because of this, utilizing price patterns, indicators, candlestick charting, and other technical analysis can be extremely helpful in defining risk, pinpointing entries, and trading more efficiently overall. This is also where clean charting comes in. It’s important to identify how trader positioning, supply and demand zones, and other factors (that technicals help illustrate) affect the timing and risk of the idea. In addition, when publishing an idea on TradingView, the chart is one of the most visible and prevalent ways of communicating this information. Making these items clearly defined can significantly improve the quality of a trading idea and ensure clear communication of the important information. So there you have it - the key questions that are at the core of any good trading idea! We look forward to seeing how this framework is incorporated into future posts. Thanks for reading! Hope this was helpful! See you all next week. 🙂 – Team TradingView Feel free to check us out on Twitter and Instagram for more awesome content! 💘
TVC:USOILEducation
by TradingView
4
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.
FXOPEN:XTIUSD
by RATONYCNC
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.
FXOPEN:XTIUSD
by RATONYCNC
What 1-hour chart says? Fundamental Development Oil prices gained slightly on Wednesday after European Union leaders agreed to a partial and phased ban on Russian oil and as China ended its COVID-19 lock down in Shanghai. Brent crude for August delivery was up 28 cents, or 0.2%, at $115.88 a barrel. The contract settled down 1.7% on Tuesday. The front-month contract for July delivery expired on Tuesday at $122.84 a barrel, up 1%. U.S. West Texas Intermediate (WTI) crude rose 30 cents, or 0.3%, to $114.97 a barrel. Both benchmarks ended May higher, marking the sixth straight month of rising prices. EU leaders agreed in principle on Monday to cut 90% of oil imports from Russia by the end of this year, the bloc's toughest sanctions yet on Moscow since the invasion of Ukraine three months ago, which Moscow calls a "special military operation". Short Term Technical View: In 1-hour chart, XTIUSD is trading below lower line of Bollinger band indicator. RSI indicator is showing weakness in XTIUSD. As per the 1-hour chart, XTIUSD is trading below today pivot level 114.50. As per my view, Sell on rise is good strategy for XTIUSD, Sell range is 114.50 to 115, and there is very strong resistance zone at 116.50. Alternative Scenario: If XTIUSD will trade above 114.50 and sustain below in U.S. Session so it will be, give great opportunity to buy with the target of 116.50 with the stop loss of 113.50 .
FXOPEN:XTIUSD
by RATONYCNC
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.
FXOPEN:XTIUSD
by RATONYCNC
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.
FXOPEN:XTIUSD
by RATONYCNC
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
FXOPEN:XTIUSD
by RATONYCNC
What 1-hour chart says? Fundamental Development Oil prices raised more than $1 on Wednesday, buoyed by tight supplies and the prospect of rising demand from the upcoming start of the summer driving season in the United States, the world's biggest crude consumer. Brent crude futures for July rose $1.38, or 1.2%, to $114.94 a barrel. Brent futures gained 0.1% on Tuesday and are up for a fifth day. U.S. West Texas Intermediate (WTI) crude futures for July delivery rose $1.35, or 1.2%, to $111.12 a barrel. The contract settled down 52 cents on Tuesday. Global crude supplies continue to tighten as buyers avoid oil from Russia, the world's second-largest oil exporter, amid sanctions following its invasion of Ukraine, which Russia calls a "special military operation". In China, the world's biggest oil importer, Beijing stepped up quarantine efforts to end its month-old COVID-19 outbreak, while in Shanghai, authorities plan to keep most restrictions in place this month, before a more complete lifting of the two-month-old lock down from June 1. Short Term Technical View: In 1-hour chart, XTIUSD is trading upper line of Bollinger band indicator. XTIUSD also losing strength at upper resistance level, and XTIUSD is trading below resistance level 111. As per the 1-hour chart, XTI will be test today pivot level 108.50. As per my view, sell on rise is good strategy for XTIUSD, sell range is 109.50 to 109, and there is very strong resistance zone at 111. Alternative Scenario: If XTIUSD will trade above 111 and sustain in U.S. Session so it will be, give great opportunity to buy with the target of 113 with the stop loss of 109.50.
FXOPEN:XTIUSD
by RATONYCNC
What 1-hour chart says? Fundamental Development Oil prices fell by more than $1 on Tuesday as concerns over a possible recession and China's COVID-19 curbs outweighed an expectation of tight global supply and a pick-up in fuel demand with the U.S. summer driving season. Brent crude futures for July fell $1.34, or 1.2%, to $112.08 a barrel. U.S. West Texas Intermediate (WTI) crude futures for July delivery dropped $1.28, or 1.2%, to $109.01 a barrel. Brent gained 0.7% on Monday while WTI settled nearly flat. Multiple threats to the global economy topped the worries of the worlds well heeled at the annual Davos economic summit, with some flagging the risk of a worldwide recession. China, the world’s largest oil importer, promises stimulus such as rolling out new investment projects. The country will offer more than 140 billion yuan ($21 billion) in additional tax relief to offset the heavy impact of lock downs on businesses. Short Term Technical View: In 1-hour chart, XTIUSD is trading lower line of Bollinger band indicator. CCI indicator also showing weakness at lower line level, and XTIUSD is trading below pivot level 108.50. As per the 1-hour chart, XTI will be test next support level 106.50. As per my view, sell on dip is good strategy for XTIUSD, sell range is 109.50 to 109, and there is very strong resistance zone at 111. Alternative Scenario: If XTIUSD will trade above 111 and sustain in U.S. Session so it will be, give great opportunity to buy with the target of 113 with the stop loss of 109.50.
FXOPEN:XTIUSD
by RATONYCNC
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