Crude oil-
WTI crude oil gained nearly 2.5% from a minor bottom of $77.99. It hit a high of $79.94 and is currently trading around $79.93.
China's exports jumped by 7.1% during Jan-Feb 2024, imports increased by 3.5%. China's crude oil imports were up by 5.1% in Jan-Feb compared to the previous year.
US gasoline inventories dropped drastically by 4.5 million bbls last week, distillate stockpiles declined by 4.1 million barrels.
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- $78.98
Kijun-Sen- $79.07
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 $77 with SL around $75 for TP of $80.85/$83.
