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WTI crude oil showed a minor pullback from a minor bottom of $84.02. It hit a high of $86.10 yesterday and is currently trading at $84.98.
Iran attacked Israel using 300 drones and missiles in retaliation. Previously, on Apr 1st, 2024, Israel bombed Iran’s consulate in Damascus. Markets await Israel's response to Iran's attack. Israel Army spokesperson Daniel Hagari said Israel would respond "at the time we choose".
Major factors for crude oil price movement-
US dollar index (Bullish)- negative for Crude. Major resistance - 105.20/106. Major support- 103.80/103.
Geopolitical tension- Escalation of tension between Israel and Iran (Positive for crude)
Ichimoku analysis (4- hour chart)
Tenken-Sen- $85.08
Kijun-Sen- $85.81
The immediate resistance is around $86.60. Any jump above targets $87.20/$88.25/$90. On the lower side, near-term support is around $85.60. Any breach below will drag the commodity down to $85/$84.50/$84/$83.20.
It is good to buy on dips around $85 with SL around $84 for a TP of $87.20.
