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WTI crude oil is consolidating after hitting a multi-week high of $83.09. It hit a low of $80.27 at the time of writing and is currently trading at $81.05.
According to Baker Hughes, the US rig count dropped to 624 from 629 last week,754 a year ago. The decrease in US rig count and escalation of geopolitical tension between Russia and Ukraine.
Major factors for crude oil price movement-
US dollar index (Bullish)- negative for Crude. Major resistance - 104.25/105. Major support- 103/102.40.
Geopolitical tension- ISIS attack in Moscow's music concert escalates tension between Ukraine and Russia (negative for crude)
Ichimoku analysis (4- hour chart)
Tenken-Sen- $77.26
Kijun-Sen- $81.36
The immediate resistance is around $82. Any jump above target $82.54/83.10. On the lower side, near-term support is around $80.80. Any breach below will drag the commodity down to $80.45/$80/$79.
It is good to buy on dips around $79.50 with SL around $77.90 for a TP of $83.50.
