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FxWirePro- Crude oil Daily Outlook

WTI crude oil lost its shine on easing geo-political tension. It hit a low of $81.29 at the time of writing and is currently trading at $81.31.

 

According to the Energy International Association,  crude inventories rose by 2.735 billion this week, above expectations of 1.373 million.

 

 Major factors for crude oil price movement-

 

US dollar index (Bullish)- negative for Crude. Major resistance - 106.50/107.20. Major support- 105/103.80.

 

Geopolitical tension- Escalation of tension between Israel and Iran  (Positive  for crude)

 

 Ichimoku analysis (4- hour chart)

 

Tenken-Sen- $83.37

 

Kijun-Sen- $84.44

 

The immediate resistance is around $82. Any jump above targets $83./$84.20/$85. On the lower side, near-term support is around $80. Any breach below will drag the commodity down to $78//$75.

 

It is good to sell on rallies around $83.35-40 with SL around $85  for a TP  of $78

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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