Crude oil-
WTI crude oil showed a minor pullback on a strong demand outlook. It hit a high of $78.68 and is currently trading around $78.57.
The Organization of the Petroleum Exporting Countries said in a monthly report that demand will increase by 2.25 million barrels per day (bpd) in 2024 and 1.85 million bpd in 2025.
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 (Positive for crude)
Ichimoku analysis (4- hour chart)
Tenken-Sen- $78
Kijun-Sen- $78.36
The immediate resistance is around $81. Any jump above $80 targets $83.50/$85. On the lower side, near-term support is around $77.70. Any breach below will drag the commodity down to $76/$75.51.
It is good to buy on dips around $75 with SL around $73 for TP of $80/$83.
