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Crude oil pared some of its gains as supply concerns eased. It hits a high of $78.42 yesterday and is currently trading around $75.64.
Geopolitical tension-
Biden discouraged Israel's direct attack on Iran's oil fields and Nuclear facilities. He has asked Israel PM to avoid an attack on Iran oil fields. Crude oil prices dropped more than $2 after Biden's statements.
US dollar index - Bearish
US treasury yield- bullish (negative for commodity market).
Major resistance- $76. Any breach above will take the commodity to the next level $77.05/$78/$78.50. Major trend reversal only above $80.
The near-term support is around $75, any violation below targets $73.80/$72.95/$72.45/$71.80.
Indicators (4- hour chart)
ADX- neutral
CCI (50) - Bullish
It is good to buy on dips around $74 with SL around $72.45 for TP of $78.40.
