Crude oil-
WTI crude oil dropped below $80 after US Fed policy. It hit a low of $78.79 yesterday and is currently trading at $79.49.
According to the Energy Information Administration (EIA), US crude inventories rose by 7265000 barrels for the week ended Apr 26, compared to a forecast of -1100000 barrels. Markets eye ceasefire talks between Israel and Hamas for further movement.
US economic data
US ISM manufacturing PMI- Weak (negative for crude)
Major factors for crude oil price movement-
US dollar index (Bearish)- Positive 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- $80.46
Kijun-Sen- $81.61
The immediate resistance is around $80. Any jump above the target of $80.55/$81.20/$82/$82.53/$83. On the lower side, near-term support is around $78.75. Any breach below will drag the commodity down to $78/$76.
It is good to sell on rallies around $82 with SL around $83.10 for a TP of $80/$78.


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