Ichimoku Analysis (8-hour Chart)
Tenken-Sen- $40.81
Kijun-Sen- $40.38
WTI crude oil is extremely higher and broken major trend line resistance at $41.20 and hits an intraday high oat $42.41. The jump was mainly due to bomb blast in Lebanon's main port which has increased instability in the region. The American Petroleum Institute reported a decrease of 8.59 million barrels in US crude inventory last week. Markets eye EIA inventory report for further direction.
Technically, the commodity is facing primary resistance at $42.50, and any convincing break above targets $43/$44.97.
On the lower side, a significant move only if it breaks below $41.50. Any indicative violation below will drag the commodity $40.50/$39.60. Significant selling only if it breaks $38.50.
It is good to buy on dips around $42.25-30 with SL around $41.50 for the TP of $44.95.
