WTI crude oil hit a multi-month high as geopolitical tension escalates. It hit a high of $82.46 yesterday and is currently trading at $82.
Ukraine sent 35 drones to attack Russia at different places. A fire broke out at a Rosnet oil refinery which can process up to 8.5 million barrels annually.
Major factors for crude oil price movement-
US dollar index (Bullish)- Negative for Crude. Major resistance - 104.20/105. Major support- 103.40/102.80.
Geopolitical tension- Escalation of Russia and Ukraine war (Positive for crude)
Ichimoku analysis (4- hour chart)
Tenken-Sen- $81.49
Kijun-Sen- $80
The immediate resistance is around $82.50. Any jump above targets $83.50/$85. On the lower side, near-term support is around $80. Any breach below will drag the commodity down to $79/$77.95.
It is good to buy on dips around $79.50 with SL around $77.90 for a TP of $83.50.
