What 1-hour chart says?

19 Jul 2022

Fundamental Development Oil prices ran out of steam on Tuesday after gaining more than $5 a barrel in the previous session with concerns that surging crude will feed into a demand-killing recession slightly outpacing continued worries about tight supply. Brent crude futures for September settlement fell 43 cents to $105.84 a barrel. The contract rose 5.1% on Monday, the biggest percentage gains since April 12. WTI crude futures for August delivery dipped 28 cents to $102.32 a barrel. The contract climbed 5.1% on Monday and the largest percentage gain since May 11. The August WTI contract expires on Wednesday and the more actively traded September future was at $98.98 a barrel, down 44 cents.

Short Term Technical View: In 1-hour chart, XTIUSD is trading above upper line of Bollinger band indicator. As per RSI Indicator showing bullishness in 1-hour chart, XTIUSD pivot level is 97.55 as per today 1-hour chart, my view is buy in dip strategy is good for XTIUSD. Buy range of XTIUSD is 97.55 to 97.25 and there is very strong support zone at 95.55

Alternative Scenario: If XTIUSD will trade below 95.55 and sustain below in U.S. Session so it will be, give great opportunity to sell with the target of 93.55 with the stop loss of 97.