FxWirePro- Crudeoil Daily Outlook

Crude oil-  

WTI crude oil gained sharply and hit a 3-month high on supply concerns. It hit a high of $81.55 at the time of writing and is currently trading at $81.22.

Chinese industrial production surged 7% y/y in Jan and Feb, the fastest in two years. The jump in Chinese economic data is pushing crude oil prices higher.

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.

Geopolitical tension-  Escalation of Middle East tension (Positive for crude)

 Ichimoku analysis (4- hour chart)

Tenken-Sen- $79.01

Kijun-Sen- $78.62

The immediate resistance is around $81.60. Any jump above $81.60 targets $82/$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 $78 with SL around $76 for a TP  of $83.