What 1-hour chart says?
Fundamental Development Oil was up on Monday morning in Asia as the upcoming U.S. peak driving season could see higher fuel demand. Brent oil futures gained 0.63% to $110.71 and crude oil WTI futures jumped 0.54% to $110.88. A weakening dollar also gave the black liquid a boost because that makes crude cheaper for buyers holding other currencies. However, gains were capped by concerns over ongoing COVID-19 lockdowns in China. The world’s largest oil importer is loosening its lock downs in Shanghai and the People's Bank of China cut its five-year loan prime rate during the previous week, signaling that the authorities are supporting a recovery. Meanwhile, the European Union was unable to achieve an agreement on banning Russian oil for its invasion of Ukraine on Feb. 24, which also limited oil's gains.
Short Term Technical View: In 1-hour chart, XTIUSD is trading upper line of Bollinger band indicator. CCI indicator also showing strength at upper line level, and XTIUSD is trading above today pivot level 109.50. As per the 1-hour chart, XTI will be test next resistance level 113. As per my view, buy on dip is good strategy for XTIUSD, buy range is 109.50 to 109, and there is very strong support zone at 108.
Alternative Scenario: If XTIUSD will trade below 109.50 and sustain in U.S. Session so it will be, give great opportunity to sell with the target of 108 with the stop loss of 110.50.
Short Term Technical View: In 1-hour chart, XTIUSD is trading upper line of Bollinger band indicator. CCI indicator also showing strength at upper line level, and XTIUSD is trading above today pivot level 109.50. As per the 1-hour chart, XTI will be test next resistance level 113. As per my view, buy on dip is good strategy for XTIUSD, buy range is 109.50 to 109, and there is very strong support zone at 108.
Alternative Scenario: If XTIUSD will trade below 109.50 and sustain in U.S. Session so it will be, give great opportunity to sell with the target of 108 with the stop loss of 110.50.
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