Crude oil-
WTI crude oil showed a minor sell-off on global economic growth concerns. It hit a low of $82.44 yesterday and is currently trading at $82.68.
The talks between Israel and Hamas resumed increasing the hopes of a ceasefire mediated by Qatar and Egypt.
Major ports of Texas are closed as Tropical Storm Beryl approaches Texas. The surge in fuel usage during US Independence Day supports the oil price at lower levels.
Major factors for crude oil price movement-
US dollar index (Bearish)- Positive for Crude.
Major resistance - 106.20/107.
Major support- 105.50/104.
Ichimoku analysis (4- hour chart)
Tenken-Sen- $83.58
Kijun-Sen- $83.45
The immediate resistance is around $84.35. Any jump above the target of $85/$86. On the lower side, near-term support is around $83. Any breach below will drag the commodity down to $82.50/$81.75/$80.97/80.
It is good to buy on dips around $83 with SL around $82 for a TP of $85
