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Crude oil-
WTI crude oil extended its bullish trend on upbeat US inventory data. It hit a fresh year high of $81.58 yesterday and is currently trading around $80.58.
According to EIA, US crude inventories declined by 1.5 million barrels for the week ended Mar 8th, 2024 TO 447 million barrels, compared to a Reuters forecast of an increase of 1.3 million barrels.
The attack on Russian refineries by Ukraine also supports crude oil prices at lower levels.
Major factors for crude oil price movement-
US dollar index (Bearish)- Positive for Crude. Major resistance - 104.20/105. Major support- 103.40/102.80.
Geopolitical tension- Escalation of Middle East tension and Russia-Ukraine war (Positive for crude)
Ichimoku analysis (4- hour chart)
Tenken-Sen- $80.47
Kijun-Sen- $79.17
The immediate resistance is around $82. Any jump above $82 targets $83.50/$85. On the lower side, near-term support is around $79. Any breach below will drag the commodity down to $77.50/$76/$75.
It is good to buy on dips around $80 with SL around $78.75 for a TP of $83.
