Crude oil pared some of its gains after Chinese inflation data. It hit a low of $73.56 yesterday and is currently trading around $73.78.
China's inflation landscape has recently shown signs of weakness, with the annual inflation rate reaching 0.40% in September 2024, the slowest in three months.
Recent developments in the Middle East have heightened concerns over potential supply disruptions. U.S. President Joe Biden's comments regarding Israel's possible actions against Iran's oil facilities pushed WTI oil prices higher above $78.
US dollar index - Bullish
US treasury yield- bullish (negative for commodity market).
Major resistance- $74.62. Any breach above will take the commodity to next level $74.89/$75.50/$75.97/$76.20. Major trend reversal only above $80.
The near-term support is around $73.50, any violation below targets $72.50/$71.50/$70.90/$70/$69.
Indicators (4- hour chart)
ADX- neutral
CCI (50) - Bullish
It is good to sell on rallies around $75 with SL around $76.20 for TP of $70.90.


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