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FxWirePro- Crude oil Daily Outlook

Crude oil showed a nice bounce back above  $69.50 on supply concerns. It hits a low of  $65.29 and is currently trading around $69.75

 

Tropical storm Francine struck the US coast on Wednesday as a Category 2 storm that affected nearly 42% of crude oil production.

 

US dollar index - Bearish

 

US treasury yield-  bearish (positive for commodity market).

 

Major resistance- $70. Any breach above will take the commodity to next level $71.70/$72.80/$73.20. Major trend reversal only above $84.50.

 

The near -term support is around $68, any violation below targets %67/$65.

 

Indicators (4- hour chart)

 

ADX- Neutral

 

CCI (50) - Bullish

 

 CCI (14)- Bullish

 

It is good to buy on dips around $69 with SL around $68 for TP of $71.70.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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