WTI crude oil showed a minor pullback ahead of US CPI data. It hit a high of $78.66 and is currently trading around $78.66.
Markets eye demand outlook from three major agencies like OPEC, IEA, and EIA for further direction. The declining demand from major countries like the US and China prevents oil from further upside.
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- $78.32
Kijun-Sen- $77.71
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.


FxWirePro: GBP/USD edged higher as hopes for US-Iran deal boost riskier assets
FxWirePro: USD/CNY bears maintain upper hand
FxWirePro: GBP/AUD downside pressure builds, key support level in focus
FxWirePro- Major Crypto levels and bias summary
FxWirePro: GBP/AUD downside pressure builds, key support level in focus
FxWirePro: USD/ZAR sell bias remains below key resistance zone
Aussie Yen Breaks 114 Barrier: Bulls Lock Horns With Resistance, Eyes on 115 Summit
FxWirePro: EUR/ NZD dips below lower range, bearish bias increases
Bitcoin Bleeds $704M in ETF Outflows as Institutional Exodus Accelerates
FxWirePro: USD/CAD slips as Canadian dollar firms on hopes for US-Iran ceasefire deal
FxWirePro- Major Crypto levels and bias summary
FxWirePro: GBP/USD recovers some ground but bears are not done yet
EUR/JPY Bulls Hold the Line Above 185: Eyes Locked on 188 Breakout
FxWirePro: USD/JPY edges higher but bulls lack punch
FxWirePro- Major Pair levels and bias summary
NZD/JPY Breakout Blast: Kiwi Rocket Smashes 94.50 Resistance, Bulls Lock Sights on 95 



