What 1-hour chart says? Fundamental Development: Oil up was on Friday morning in Asia. Investors now focus on the Organization of the Petroleum Exporting Countries and allies (OPEC+)’s meeting next week, where the bloc will decide the oil output. Brent oil futures inched up 0.03% to $101.86 and crude oil WTI futures jumped 0.28% to $96.69. Brent is set to climb nearly 5% for the week in its second straight weekly gain, while WTI is on track for a nearly 3% rise for the week, recouping the previous week’s losses. The dollar is softening, which usually leads to a rise in oil, as a weaker dollar makes crude cheaper for buyers holding other currencies.
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, XTIUSD pivot level is 97 as per today 1-hour chart, my view is buy in dip strategy is good for XTIUSD. Buy range of XTIUSD is 95.75 to 95 and there is very strong support zone at 94.
Alternative Scenario: If XTIUSD will trade below 94 and sustain below in U.S. Session so it will be, give great opportunity to sell with the target of 92 with the stop loss of 96.
