What 1-hour chart says?

4 août 2022

Fundamental Development: Oil prices rose on Thursday as supply concerns triggered a rebound from multi-month lows plumbed in the previous session after U.S. data signaled weak fuel demand. Brent crude futures rose 42 cents, or 0.4%, at $97.20 a barrel, while West Texas Intermediate (WTI) crude futures last up 49 cents, a 0.5% gain, at $91.15. Both benchmarks fell to their weakest levels since February in the previous session after U.S. data showed crude and gasoline stockpiles unexpectedly surged last week and as OPEC+ agreed to raise its oil output target by 100,000 barrels per day (bpd), equal to about 0.1% of global oil demand.

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 92 as per today 1-hour chart, my view is sell on rise strategy is good for XTIUSD. Sell range of XTIUSD is 92 to 92.25 and there is very strong resistance zone at 94.

Alternative Scenario: If XTIUSD will trade above 94 and sustain above in U.S. Session so it will be, give great opportunity to buy with the target of 96 with the stop loss of 92.