Ichimoku Analysis (4-hour Chart)
Tenken-Sen- $41.52
Kijun-Sen- $41.15
WTI crude oil took support near the trend line and jumped more than 80 cents. The commodity has halted its one week of bullishness on US-China trade tension and weak US jobs data. The number of people filed for unemployment benefits rose to 1.42 million in the week ended Jul 18th from 109000. The increase in the number of new cases in the U.S and other parts of the world is putting pressure on commodities at higher levels.
Technically, the commodity is facing primary resistance at $42.50, and any convincing break above targets $43.25/$45.
On the lower side, a significant move only if it breaks below $40.55. Any indicative violation below will drag the commodity $39.81. Significant selling only if it breaks $38.90.
It is good to buy on dips around $40.55-60 with SL around $39.80 for the TP of $43.
