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FxWirePro- Crude Oil Daily Outlook

WTI crude oil trades are weak due to global growth concerns. It hit a low of  $80.18 yesterday and is currently trading at $80.72.

 

US crude inventories fell by 4.4 million barrels last week, compared to a forecast of 33000 barrels.

 

The escalation of Middle East tension and rate cut hopes support oil prices at lower levels.

 

Major factors for crude oil price movement-

 

US dollar index (Bearish)- Positive for Crude.

 

Major resistance - 105/106.20.

 

Major support- 104/103.

 

 

Ichimoku analysis (4- hour chart)

 

Tenken-Sen- $81.03

 

Kijun-Sen- $81.95

 

The immediate resistance is around $81.25. Any jump above the target of $82/$82.65/$83. On the lower side, near-term support is around $80. Any breach below will drag the commodity down to $79/$78.

 

It is good to sell on rallies around $81 with SL around $82 for a TP of $78.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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