Crude oil gained slightly as Middle East tension intensifies. It hits a high of $69.28 and is currently trading around $68.06.
It was one of the worst performers this month on weak Chinese demand and hopes of OPEC production increase.
US dollar index - Bearish
US treasury yield- bearish (positive for commodity market).
Major resistance- $69.30. Any breach above will take the commodity to next level $70/$71.85. Major trend reversal only above $72.50.
The near-term support is around $67.75, any violation below targets $67/$66/$65.59/$65.
Indicators (4- hour chart)
ADX- Bearish
CCI (50) - Bearish
It is good to sell on rallies around $69 with SL around $70 for TP of $67.
