What 1-hour chart says?

20 cze 2022

Fundamental Development: Oil prices edged lower on Monday, reversing earlier gains, as concerns about slowing global economic growth and fuel demand outweighed worries about tightening supplies. Brent crude futures slipped 3 cents to $113.09 a barrel, after rising as much as 1% earlier. Front-month prices tumbled 7.3% last week, their first weekly fall in five. U.S. West Texas Intermediate crude was at $109.42 a barrel, down 14 cents, or 0.1%, after rising more than $1 earlier. Front-month prices dropped 9.2% last week, the first decline in eight weeks. Oil from Russia, the world's second-largest exporter, remains out of reach to most countries because of Western sanctions over Moscow's invasion of Ukraine, actions that Russia calls a "special operation".
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 is trading below pivot level 110.48. As per my view sell on rise, strategy is good for XTIUSD. Selling range of XTIUSD is 110.48 to 110.75 and there is very strong resistance zone at 112.

Alternative Scenario: If XTIUSD will trade above 112 and sustain above in U.S. Session so it will be, give great opportunity to buy with the target of 113.50 with the stop loss of 110.85.