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.
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.
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