FxWirePro- Crude Oil Daily Outlook

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.