FxWirePro- Crude Daily Outlook

Crude oil-  

WTI crude oil showed a minor pullback of more than $1 yesterday. It hit a low of $81.94 yesterday and is currently trading at $81.68.

U.S. crude inventories increased by about 3.2 million barrels for the week ended Mar. 22, compared with a forecast of a decrease of about 0.70M barrels, according to EIA.

 Major factors for crude oil price movement-

US dollar index (Bullish)- negative for Crude. Major resistance - 104.50/105. Major support- 103.40/102.70.

Geopolitical tension-  Escalation of tension between Ukraine and Russia (positive for crude)

 Ichimoku analysis (4- hour chart)

Tenken-Sen- $81.22

Kijun-Sen- $81.41

The immediate resistance is around $82.55. Any jump above target $83.10/$84. On the lower side, near-term support is around $81.50. Any breach below will drag the commodity down to $80.80/$80.45/$80/$79.

It is good to buy on dips around $80.20-25 with SL around $79 for a TP  of $83.50.