What 1-hour chart says?
Fundamental Development: Oil prices fell on Thursday for a second straight session, as demand concerns outweighed tight global supply after U.S. government data showed tepid gasoline demand during the peak summer driving season. Brent crude futures dropped 77 cents, or 0.7%, to $106.15 a barrel by 0427 GMT after slipping 0.4% in the previous session. U.S. West Texas Intermediate crude futures fell 88 cents, or 0.9%, to $99.00 a barrel following a 1.9% drop on Wednesday. Oil prices have been volatile, as traders have had to square tighter global supply because of the loss of Russian barrels following the country's invasion of Ukraine, with recessionary worries that could weaken energy demand.
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 pivot level is 99.50 as per today 1-hour chart, my view is sell on rise strategy is good for XTIUSD. Sell range of XTIUSD is 99.50 to 99.75 and there is very strong resistance zone at 101.
Alternative Scenario: If XTIUSD will trade above 101 and sustain above in U.S. Session so it will be, give great opportunity to buy with the target of 102.55 with the stop loss of 99.55.
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 pivot level is 99.50 as per today 1-hour chart, my view is sell on rise strategy is good for XTIUSD. Sell range of XTIUSD is 99.50 to 99.75 and there is very strong resistance zone at 101.
Alternative Scenario: If XTIUSD will trade above 101 and sustain above in U.S. Session so it will be, give great opportunity to buy with the target of 102.55 with the stop loss of 99.55.
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