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WTI crude oil trades weak on hawkish Fed. It hit a low of $76.80 yesterday and is currently trading at $78.02.
According to the Energy Information Administration (EIA), crude inventories increased by 1.8 million barrels for the week ending May 17th, 2024, compared to a forecast of -2.4 M.
Major factors for crude oil price movement-
US dollar index (Bullish)- negative for Crude.
Major resistance - 105/106.50.
Major support- 104/103.
Geopolitical tension- ceasefire talks stalled. (positive for crude).
Ichimoku analysis (4- hour chart)
Tenken-Sen- $77.59
Kijun-Sen- $78.44
The immediate resistance is around $78.50. Any jump above the target of $79.30/$80/$80.55/$81.20/$82/$82.53/$83. On the lower side, near-term support is around $7. 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.
