Crude oil-
WTI crude oil pared some of its gains due to profit booking. It hit a low of $81.86 yesterday and is currently trading at $82.
Ukraine drone attacks on three Russian oil refineries increased supply concerns which account for 10% of Russian supply.
Major factors for crude oil price movement-
US dollar index (Bullish)- Negative for Crude. Major resistance - 104.20/105. Major support- 103.40/102.80.
Geopolitical tension- Escalation of Russia and Ukraine war (Positive for crude)
Ichimoku analysis (4- hour chart)
Tenken-Sen- $82.43
Kijun-Sen- $81.35
The immediate resistance is around $83.50. Any jump above targets $85. On the lower side, near-term support is around $81.60. Any breach below will drag the commodity down to $80.45/$80/$79.
It is good to buy on dips around $79.50 with SL around $77.90 for a TP of $83.50.
