WTI crude oil hits multi-month high on supply concerns. It hit a high of $83.17 yesterday and is currently trading at $83.
OPEC supply cut extension till mid-2024 and attack on Russian refineries by Ukraine support oil prices at lower levels.
Caixin/S&P China manufacturing PMI surged to 51.10 in March, the highest since Feb 2023.
Major factors for crude oil price movement- w
US dollar index (Bullish)- negative for Crude. Major resistance - 104.50/105. Major support- 103.40/102.70.
Geopolitical tension- Escalation of tension between Ukraine and Russia (positive for crude)
Ichimoku analysis (4- hour chart)
Tenken-Sen- $82.35
Kijun-Sen- $82.01
The immediate resistance is around $83.50. Any jump above targets $84/$85. On the lower side, near-term support is around $82.80. Any breach below will drag the commodity down to $82/$81.44.
It is good to buy on dips around $82.40-43 with SL around $81.90 for a TP of $85
