FxWirePro- Crude oil Daily Outlook

WTI crude oil is consolidating in a narrow range between $76.67 and $79.93 for the past week. It hit a high of  $79.81 yesterday and is currently trading at $78.79.

According to the Energy Information Agency (EIA),  Global Crude oil inventories increased by 34.6 mb in March to a fresh post-pandemic high. According to preliminary data, global oil stocks rose further in Apr.

Markets eye FOMC member Waller for further movement.

Major factors for crude oil price movement-

US dollar index (Bearish)- positive for Crude.

Major resistance - 105.75/106.50.

Major support- 105/103.80.

Geopolitical tension-  ceasefire talks stalled. (positive for crude).

Ichimoku analysis (4- hour chart)

Tenken-Sen- $78.99

Kijun-Sen- $78.24

The immediate resistance is around $80. Any jump above the target of $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 $76.70/$75/$74.

It is good to sell on rallies around $80 with SL around $82 for a TP of $75.