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Crude oil gained more than $4 on the escalation of Middle East conflict. It hit a high of $74.51 at the time of writing and is currently trading around $74.46.
Geopolitical tension-
Iran deployed a ballistic missile on Israel on Wednesday. Israel would respond to Iran attack by striking Iran’s Oil rigs or by attacking Nuclear sites.
US dollar index - Bearish
US treasury yield- bearish (positive for commodity market).
Major resistance- $75. Any breach above will take the commodity to the next level $76/$77.05/$78. Major trend reversal only above $80.
The near-term support is around $73.80, any violation below targets $72.95/$72.45/$71.80.
Indicators (4- hour chart)
ADX- Bullish
CCI (50) - Bullish
It is good to buy on dips around $73.50 with SL around $72.45 for TP of $77.
