FxWirePro- Crude oil Daily Outlook

Crude oil-

WTI crude oil trading higher on strong US fuel demand during summer. It hit a high of $81.86 yesterday and is currently trading at $81.21.

The ongoing geopolitical tension in Gaza and Ukrainian strikes on 30 Russian oil processing and storage facilities support oil prices at lower levels.

Markets eye US Personal Consumption Expenditure (PCE) for further movement.

Major factors for crude oil price movement-

US dollar index (Bullish)- Negative for Crude.

Major resistance - 105.50/107.

Major support- 104/103.

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

Ichimoku analysis (4- hour chart)

Tenken-Sen- $81.03

Kijun-Sen- $81.03

The immediate resistance is around $82. Any jump above the target of $83/$83.50. On the lower side, near-term support is around $80.40. Any breach below will drag the commodity down to $80/$79/ $78.25/$77.60/$76.87/$76/$75.

It is good to buy on dips around $80.70-75 with SL around $79.35 for a TP of $83.