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Crude oil - Commodity of the week
Crude oil recovered more than $2 on supply concerns. It hit a high of $76.87 yesterday and is currently trading around $760.06.
The supply concerns are due to Libya and Iran supporting oil prices at lower levels. Oil production at various oil filed halted at Libya after the government announced to stop oil production.
Major factors supporting higher Crude oil price
US dollar index - Bearish
US treasury yield- weak (positive for commodity market).
Major resistance- $76.85. Any breach above will take the commodity to the next level $78/$80. Major trend reversal only above $84.50.
The near-term support is around $75, any violation below targets $74.40/$73.81 (61.8% fib)/$73.
Indicators (4- hour chart)
ADX- Neutral
CCI (50) - Bullish
CCI (14)- Bearish
It is good to sell on rallies around $76.75-80 with SL around $79 for TP of $71.70.
