WTI crude oil trades weak for the third consecutive day on demand concern. It hit a low of $81.69 at the time of writing and is currently trading at $81.69.
The Atlantic hurricane season will have a major impact on crude prices beginning on June 1st and ending on Nov 30th, 2024. Hurricane Beryl crossed Texas and edged towards Jamaica.
Markets eye US CPI data on Thursday and cease-fire talks between Israel and Gaza for further movement.
Major factors for crude oil price movement-
US dollar index (Bearish)- Positive for Crude.
Major resistance - 106.20/107.
Major support- 105.50/104.
Ichimoku analysis (4- hour chart)
Tenken-Sen- $82.47
Kijun-Sen- $83.06
The immediate resistance is around $84.35. Any jump above the target of $85/$86. On the lower side, near-term support is around $83. Any breach below will drag the commodity down to $82.50/$81.75/$80.97/80.
It is good to buy on dips around $80 with SL around $79 for a TP of $85
