What 1-hour chart says?

7 Jul 2022

Fundamental Development: Oil was up on Thursday morning in Asia on supply concerns, after falling during the previous two sessions. Brent oil futures rose 0.51% to $101.20 and crude oil WTI futures jumped 0.56% to $99.11. Both benchmarks closed on Wednesday at their lowest since April 11. The declines follow a dramatic fall on Tuesday despite tight global supplies. Oil prices have slid alongside other commodities such as metals and palm oil as global central banks hiked interest rates, which spurred fears of a recession that could dampen demand for commodities. For the supply side, investors are assessing possible oil supply disruption at the Caspian Pipeline Consortium (CPC), which has told by a Russian court to suspend activity for 30 days. Exports at CPC, which handles about 1% of global oil supplies, were still flowing as of Wednesday morning.

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 95.95. As per today 1-hour chart, my view is buy in deep strategy is good for XTIUSD. Buy range of XTIUSD is 94.25 to 94 and there is very strong support zone at 92.45.

Alternative Scenario: If XTIUSD will trade below 92.45 and sustain below in U.S. Session so it will be, give great opportunity to sell with the target of 89 with the stop loss of 94.