WTI crude oil showed a minor sell-off on strong US dollar. It hit a low of $77.85 yesterday and is currently trading at $78.35.
According to Energy Information Agency (EIA), US crude inventories increased by 3.7 million bbl for the week ending June 7th mainly due to strong imports , compared to a forecast of -1.2M bbls .
US CPI - weak (bullish for crude)
US Fed- Hawkish (Bearish for crude)
Major factors for crude oil price movement-
US dollar index (Bullish)- Negative for Crude.
Major resistance - 105.50/107.
Major support- 104/103.
Geopolitical tension- Escalalation of tension between Israel and Gaza ( positive for crude).
Ichimoku analysis (4- hour chart)
Tenken-Sen- $78.46
Kijun-Sen- $77.22
The immediate resistance is around $79.30. Any jump above the target of $79.67/$80/$80.55. On the lower side, near-term support is around $78.15. Any breach below will drag the commodity down to $77.50/$76.87/$76/$75.
It is good to sell on rallies around $78.75-80 with SL around $80 for a TP of $75.


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