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WTI crude oil consolidating in a narrow range between $84.61 and $87.59. It hit a high of $86.94 yesterday and is currently trading at $86.62.
Israel and Hamas cease-fire talks showed no progress at Cairo. Markets eye further developments in geopolitical tensions in the Middle East.
Major factors for crude oil price movement-
US dollar index (Bullish)- negative for Crude. Major resistance - 105.20/106. Major support- 103.80/103.
Geopolitical tension- No cease-fire talks progress between Israel and Hamas. (Positive for crude)
Ichimoku analysis (4- hour chart)
Tenken-Sen- $85.87
Kijun-Sen- $86.10
The immediate resistance is around $87.20. Any jump above targets $88.25/$90. On the lower side, near-term support is around $85.75. Any breach below will drag the commodity down to $85/$84.70.
It is good to buy on dips around $85.6-62 with SL around $84.65 for a TP of $88.
