Crude oil-
WTI crude oil gained more than $1 due to supply concerns. It hit a high of $82.26 yesterday and is currently trading at $81.86.
The escalation of tension between Israel and Hamas was due to an unsuccessful ceasefire agreement between Israel and Hamas. The fight between Russia and Ukraine also supports crude oil prices at lower levels.
Major factors for crude oil price movement-
US dollar index (Bullish)- negative for Crude. Major resistance - 104.25/105. Major support- 103/102.40.
Geopolitical tension- ISIS attack in Moscow's music concert escalates tension between Ukraine and Russia (negative for crude)
Ichimoku analysis (4- hour chart)
Tenken-Sen- $81.50
Kijun-Sen- $81.44
The immediate resistance is around $82.55. Any jump above target $83.10/$84. On the lower side, near-term support is around $81.50. Any breach below will drag the commodity down to $80.80/$80.45/$80/$79.
It is good to buy on dips around $79.50 with SL around $77.90 for a TP of $83.50.
