What 1-hour chart says?

5 août 2022

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.