FxWirePro- Crude Oil Daily Outlook

Crude oil-

WTI crude oil jumped more than $2 due to upbeat market sentiment. It hit a high of $79.93 at the time of writing and is currently trading at $79.76.

Chinese oil imports rose 5.45% total 44.72 million metric tons or 10.88 million barrels per day—markets eye ceasefire talks between Israel and Hamas for further movement.

US jobless claims - weak (positive for crude) (chance of a rate cut by fed increases.

Major factors for crude oil price movement-

US dollar index (Bearish)- positive for Crude.

Major resistance - 105.75/106.50.

Major support- 105/103.80.

Geopolitical tension-  ceasefire talks resumed in Cairo. (negative for crude).

Ichimoku analysis (4- hour chart)

Tenken-Sen- $79.41

Kijun-Sen- $78.40

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 $77.90. Any breach below will drag the commodity down to $76.70/$75/$74.

It is good to buy on dips around $79.25-30 with SL around $ 78 for a TP of $82.