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FxWirePro- Crude oil Daily Outlook


WTI crude oil rebounded slightly after strong US crude inventory data. It hit a low of  $81.26 at the time of writing and is currently trading at $81.42.

 

US crude inventories fell by 4.9 million barrels last week, compared to a forecast of

 -0.90 million barrels.

 

China’s growth concerns and US and Chinese trade restrictions put pressure on oil at higher levels.

 

Major factors for crude oil price movement-

 

US dollar index (Bearish)- Positive for Crude.

 

Major resistance - 104.25/105.

 

Major support- 103.60/103.

 

Ichimoku analysis (4- hour chart)

 

Tenken-Sen- $81.67

 

Kijun-Sen- $81.95

 

The immediate resistance is around $81.75. Any jump above the target of $82/$82.65/$83. On the lower side, near-term support is around $80. Any breach below will drag the commodity down to $79/$78.

 

It is good to sell on rallies around $81.45-50 with SL around $82.65 for a TP of $78.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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