Crude oil gained above $70 due to fed rate cuts and geo-political tension. It hit a low of $68.48 and is currently trading around $69.03.
According to the EIA, crude inventories fell by 1.6 million bbl to 417.50 million barrels compared to a forecast of -0.20 M. Markets eye Israel and Hezbollah conflict for further direction.
US dollar index - Bearish
US treasury yield- bearish (positive for commodity market).
Major resistance- $70.90. Any breach above will take the commodity to next level $71.37/$71.70/$72.80/$73.20. Major trend reversal only above $78.
The near-term support is around $68, any violation below targets %67/$65.
Indicators (4- hour chart)
ADX- Bearish
CCI (50) - Bullish
CCI (14)- Bullish
It is good to buy on dips around $70 with SL around $69 for TP of $73.
