Ichimoku Analysis (Hourly Chart)
Tenken-Sen- $42.21
Kijun-Sen- $41.99
WTI crude oil is trading in a narrow range between $42.31 and $41.86. The second-largest producer Iraq planned to cut 400000 barrels per day in August and September. The US-China trade tension and spread of the second wave of coronavirus are putting pressure on oil at higher levels.
Technically, the commodity is facing primary resistance at $43.50, and any convincing break above targets $44/$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 $41.60-65 with SL around $40.50 for the TP of $44.95.
