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.


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