FxWirePro- Crude oil Daily Outlook

Crude oil-

WTI crude oil gained above $80 ahead of OPEC meeting. It hit a high of $80.55 at the time of writing  and is currently trading at $80.41

Markets expect an extension of 2.2 million bbls per day production cuts by OPEC to stabilize oil prices. The US summer driving season would boost crude demand supports prices at lower levels.

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-  escalation of tension between Israel and Gaza ( positive for crude).

Ichimoku analysis (4- hour chart)

Tenken-Sen- $79.52

Kijun-Sen- $78.35

The immediate resistance is around $80.55. Any jump above the target of $81.20/$82/$82.53/$83. On the lower side, near-term support is around $79 Any breach below will drag the commodity down to $78.25/ $77.23/$76.70/$75/$74.

It is good to buy on dips around $80 with SL around $79 for a TP of $83.