Crude oil-
WTI crude oil showed a minor sell-off on easing Middle East tension. It hit a low of $82.92 yesterday and is currently trading at $83.49.
Hamas officials are planning to have a fresh round of ceasefire talks in Egypt with Israel. Any positive development will hurt crude oil.
Major factors for crude oil price movement-
US dollar index (Bullish)- negative for Crude.
Major resistance - 106.50/107.20.
Major support- 105/103.80.
Geopolitical tension- Progress in ceasefire talks between Israel and Gaza (Negative for crude).
Ichimoku analysis (4- hour chart)
Tenken-Sen- $83.65
Kijun-Sen- $82.64
The immediate resistance is around $83.65. Any jump above the target of $84/$85/$86.20/$87. On the lower side, near-term support is around $82.60. Any breach below will drag the commodity down to $81.95/$80.70/$80.
It is good to sell on rallies around $84 with SL around $85 for a TP of $80.
