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WTI crude oil showed a minor pullback after easing inflation. It hit a high of $79.14 yesterday and is currently trading at $78.52.
According to the Energy Information Agency (EIA), Crude oil inventories dropped by 2.5 million barrels for the week ending May 3rd, 2024 compared to a -223000 million barrels expected.
Markets eye US jobless claims, Building permits, Philly Fed Manufacturing Index for further movement.
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 stalled. (positive for crude).
Ichimoku analysis (4- hour chart)
Tenken-Sen- $77.90
Kijun-Sen- $78.30
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 sell on rallies around $80 with SL around $82 for a TP of $75.
