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Crude oil-
WTI crude oil pared some of its gains despite weak US dollar. The Fed Chairman indicated that the central bank is likely to cut rates this year if inflation comes below 2%. It hit a low of $78.45 and is currently trading around $78.81.
According to EIA, US crude inventories rose by 1.4M for the week ended Mar 2nd, compared to a forecast of 2.4M.
Major factors for crude oil price movement-
US dollar index (Bearish)- Positive for Crude. Major resistance - 104.20/105. Major support- 103.40/102.80.
Geopolitical tension- Escalation of Middle East tension (Positive for crude)
Ichimoku analysis (4- hour chart)
Tenken-Sen- $79.30
Kijun-Sen- $79.16
The immediate resistance is around $81. Any jump above $80 targets $83.50/$85. On the lower side, near-term support is around $77.70. Any breach below will drag the commodity down to $76/$75.51.
It is good to buy on dips around $75 with SL around $73 for TP of $80/$83.
