FxWirePro- Crude oil  surges $4 as Middle East tension escalates, buy on dips 

Crude oil gained more than $4 on the escalation of Middle East conflict. It hit a high of  $74.51 at the time of writing and is currently trading around $74.46.

Geopolitical tension-

Iran deployed a ballistic missile on Israel on Wednesday. Israel would respond to Iran attack by striking Iran’s Oil rigs or by attacking Nuclear sites.

US dollar index - Bearish

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

Major resistance- $75. Any breach above will take the commodity to the next level $76/$77.05/$78. Major trend reversal only above $80.

The near-term support is around $73.80, any violation below targets $72.95/$72.45/$71.80.

Indicators (4- hour chart)

ADX- Bullish

CCI (50) - Bullish

It is good to buy on dips around $73.50 with SL around $72.45 for TP of $77.