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WTI crude oil pared some of its gains on the strong US dollar. It hit a high of $81.75 and is currently trading at $80.96.
The US dollar gained momentum after upbeat US flash manufacturing PMI data. The recent US economic data shows signs of slowing coupled with weak inflation could push the Fed to cut rates by September 2024.
The ongoing geopolitical tensions in the Middle East and drone attack by Ukraine on Russian refineries support crude oil prices at lower levels.
Major factors for crude oil price movement-
US dollar index (Bullish)- Negative for Crude.
Major resistance - 106/107.
Major support- 104/103.
Geopolitical tension- Escalation of tension between Israel and Gaza ( positive for crude).
Ichimoku analysis (4- hour chart)
Tenken-Sen- $80.97
Kijun-Sen- $80.44
The immediate resistance is around $81.50. Any jump above the target of $82/$83.50. On the lower side, near-term support is around $80.40. Any breach below will drag the commodity down to $80/$79/ $78.25/$77.60/$76.87/$76/$75.
It is good to buy on dips around $80 with SL around $79 for a TP of $83.
