What 1-hour chart says?

2 jun 2022

Fundamental Development Oil prices fell on Thursday as investors cashed in on a recent rally ahead of a key producers meeting later in the day, with some speculation that Saudi Arabia may boost oil production in response to urging by the United States. Brent crude was down $2.08, or 1.8%, at $114.21 a barrel, having risen 0.6% the previous day. U.S. West Texas Intermediate (WTI) crude dropped $2.25, or 2.0%, to $113.01 a barrel, after a 0.5% rise on Wednesday. The benchmarks have marched higher for several weeks as Russian exports have squeezed by EU and U.S. sanctions against Moscow over its invasion of Ukraine, actions that Russia calls a "special operation". The Wall Street Journal reported on Tuesday that some OPEC members were considering suspending Russia from the agreed production plan, to allow other producers to pump significantly crude, as sought by the United States and European nations.

Short Term Technical View: In 1-hour chart, XTIUSD is trading below middle line of Bollinger band indicator. RSI indicator is showing weakness in XTIUSD. As per the 1-hour chart, XTIUSD is trading below today support level 112.50. As per my view, Sell on rise is good strategy for XTIUSD, Sell range is 113 to 113.25, and there is very strong resistance zone at 115.40.

Alternative Scenario: If XTIUSD will trade above 115.40 and sustain above in U.S. Session so it will be, give great opportunity to buy with the target of 117.40 with the stop loss of 113.