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WTI crude oil showed a minor pullback on the weak US dollar.It hit a high of $74.82 at the time of writing and is currently trading at $74.14.
According to the Energy Information Administration (EIA), US crude inventories rose by around 1.2 million barrels in the week ended May 31st, compared to a forecast of -2.1 million barrels.
Major factors for crude oil price movement-
US dollar index (Bearish)- Positive for Crude.
Major resistance - 105/106.50.
Major support- 104/103.
Geopolitical tension- No further developments in ceasefire talks between Israel and Gaza ( positive for crude).
Ichimoku analysis (4- hour chart)
Tenken-Sen- $73.61
Kijun-Sen- $75.50
The immediate resistance is around $75. Any jump above the target of $75.57/$75.90/$77.45. On the lower side, near-term support is around $73.60. Any breach below will drag the commodity down to $73/$72/$70.
It is good to sell on rallies around $75.25-30 with SL around $77 for a TP of $70.
