FxWirePro: Buy US OIL on dips
Ichimoku Analysis (4-hour Chart)
WTI crude oil continues to trade higher after a minor decline till $39.65 on an upbeat market mood. The risk-on sentiment increased after Gilead Sciences said that remdesivir reduced the risk of death in COVID-19 patients by 62%. The increase in the number of new cases in the U.S and other parts of the world might cap a huge upside.
Technically, the commodity is facing primary resistance at $41.10-$41.62, and any convincing break above targets $43/$45.
On the lower side, a significant move only if it breaks below $38.15 (200-4H MA). Any indicative violation below will drag the commodity $37.32. Significant selling only if it breaks $37.
It is good to buy on dips around $39.75-80 with SL around $39 for the TP of $41.65/$43.