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FxWirePro- Crude oil trades higher on Middle East escalation, buy above $72.50
Crude oil recovered more than $1.5 due to short covering. It hit a low of $71.52 yesterday and is currently trading around $74.03.
According to EIA, crude oil inventory EIA cuts demand forecast in 2024 due to weak growth in the US and China.
Markets eye ceasefire talks between Israel and Iran for further movement.
US dollar index - Bullish
US treasury yield- bullish (negative for commodity market).
Major resistance- $74.62. Any breach above will take the commodity to the next level $74.89/$75.50/$75.97. Major trend reversal only above $80.
The near-term support is around $71.50, any violation below targets $70.90/$70/$69.
Indicators (4- hour chart)
ADX- neutral
CCI (50) - Bullish
It is good to sell on rallies around $75 with SL around $76.20 for TP of $70.90.
