Fundamental Development Oil was up on Thursday morning in Asia, extending a cautious rally as signs of a tight market emerge. The European clash with Hungary over plans to ban imports from Russia, the world's second-largest crude exporter, also continues. Brent oil futures were up 0.31% to $111.47 by and WTI futures for July delivery rose 0.50% to $110.88. Investors also digested Wednesday’s crude oil supply data from the U.S. Energy Information Administration (EIA). The data showed a draw of 1.019 million barrels in the week to May 20, 2022. Forecasts prepared by Investing.com predicted a draw of 737,00 million barrels, while a 3.394-million-barrel draw was recorded during the previous week. Crude oil supply data from the American Petroleum Institute released the day before, showed a build of 567,000 barrels.
Short Term Technical View: In 1-hour chart, XTIUSD is trading middle line of Bollinger band indicator. Right know XTIUSD trading at tight range. As per the 1-hour chart, XTIUSD is trading above today pivot level 109.50. 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 108 and sustain in U.S. Session so it will be, give great opportunity to sell with the target of 106 with the stop loss of 109.50.
Short Term Technical View: In 1-hour chart, XTIUSD is trading middle line of Bollinger band indicator. Right know XTIUSD trading at tight range. As per the 1-hour chart, XTIUSD is trading above today pivot level 109.50. 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 108 and sustain in U.S. Session so it will be, give great opportunity to sell with the target of 106 with the stop loss of 109.50.