FxWirePro- Crude Daily Outlook

WTI crude oil is consolidating after hitting a multi-week high of $83.09. It hit a low of $80.27 at the time of writing and is currently trading at $81.05.

According to Baker Hughes, the US rig count dropped to 624 from 629 last week,754 a year ago. The decrease in US rig count and escalation of geopolitical tension between Russia and Ukraine.

 Major factors for crude oil price movement-

US dollar index (Bullish)- negative for Crude. Major resistance - 104.25/105. Major support- 103/102.40.

Geopolitical tension-  ISIS attack  in Moscow's music concert  escalates tension between Ukraine and Russia (negative for crude)

 Ichimoku analysis (4- hour chart)

Tenken-Sen- $77.26

Kijun-Sen- $81.36

The immediate resistance is around $82. Any jump above target $82.54/83.10. On the lower side, near-term support is around $80.80. 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.