WTI crude oil recovered more than $1.5 on geopolitical tensions escalation. It hit a low of $84.81 yesterday and is currently trading at $85.93.
The fear of attack on Israel by Iran supports crude oil prices at lower levels. The International Energy Association lowered the 2024 oil demand by 130000 bpd to 1.2 million barrels per day.
Major factors for crude oil price movement-
US dollar index (Bullish)- negative for Crude. Major resistance - 105.20/106. Major support- 103.80/103.
Geopolitical tension- cease-fire talks progress between Israel and Hamas. (Negative for crude)
Ichimoku analysis (4- hour chart)
Tenken-Sen- $85.71
Kijun-Sen- $85.79
The immediate resistance is around $86.60. Any jump above targets $87.20/$88.25/$90. On the lower side, near-term support is around $85.60. Any breach below will drag the commodity down to $85/$84.50/$84/$83.20.
It is good to buy on dips around $85 with SL around $84 for a TP of $87.20.


FxWirePro- Major Crypto levels and bias summary
FxWirePro: GBP/NZD gains some upside momentum but still bearish
FxWirePro: AUD/USD rallies on jobs surge, heads to test key resistance
Major Pair Action Bias: USDCHF Turns Bullish as EURUSD Stays Bearish – Key Pairs to Watch
FxWirePro- Woodies pivot (Major)
GBPJPY Weakens on Soft UK CPI: Sell Below 217.80 Targeting 216.40
FxWirePro: GBP/USD stays below 1.3400 level following cooler inflation report
Major Crypto Action Bias: ETHUSD Turns Bullish – Only Bullish Pair to Watch
AUDJPY Pulls Back on Profit Booking: Buy Dips Toward 117/118
JPY Strength Alert: USDJPY, AUDJPY, EURJPY and CADJPY Turn Extremely Bullish
FxWirePro- Woodies pivot (Major)
Crypto Bias Report: Trend Signals and Top Bullish Picks
FxWirePro: USD/ZAR surges as rand slumps after SARB rate hold surprise
AUDJPY Extends Four-Day Rally as Yen Weakness Fuels Fresh Buying Opportunity
EUR/USD Slides After ECB Hold, Bearish Technicals Favor Rally Fades
FxWirePro: USD/CNY attracts selling interest, vulnerable to more downside 



