Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro- Crude oil Daily Outlook

WTI crude oil hits fresh year high due to supply disruptions. The commodity showed minor weakness after the weak US ISM manufacturing PMI. US Headline rose 0.30% m/m  in Jan, in line with the estimate. Core PCE  came at 0.40%, matched forecasts.

 

Major factors for crude oil price movement-

 

US dollar index (Bearish)- Positive for Crude. Major resistance - 104.20/105. Major support- 103.40/102.80.

 

Production cut- OPEC members agreed to extend 2.2 million barrels. Yemen-Iran-backed Houthis attacked a UK cargo vessel and promised to destroy more UK vessels.

 

Ichimoku analysis (4- hour chart)

 

Tenken-Sen- $79.36

 

Kijun-Sen- $77.69

 

The immediate resistance is around $81. Any jump above $80 targets $83.50/$85. On the lower side, near-term support is around $77.70. Any breach below will drag the commodity down to $76/$75.51.

 

It is good to buy on dips around $75 with SL around $73 for TP of $80/$83.

 

 

 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.