WTI crude oil is consolidating in a narrow range between $77.90 and $79.05 for the past three days. It hit a high of $78.98 yesterday and is currently trading at $78.31.
Hamas has accepted the proposals to end the seven-month war. Markets eye Israel's response to the proposal.
Major factors for crude oil price movement-
US dollar index (Bearish)- Positive for Crude.
Major resistance - 106.50/107.20.
Major support- 105/103.80.
Geopolitical tension- ceasefire deal between Israel and Gaza under progress (negative for crude).
Ichimoku analysis (4- hour chart)
Tenken-Sen- $78.47
Kijun-Sen- $79.71
The immediate resistance is around $79.10. Any jump above the target of $80/$80.55/$81.20/$82/$82.53/$83. On the lower side, near-term support is around $77.90. Any breach below will drag the commodity down to $76/$75.
It is good to sell on rallies around $80 with SL around $83.10 for a TP of $80/$78.
