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Crude oil trades below $68 on global economic growth concerns. It hit a low of $65.29 yesterday and is currently trading around $67.33.
Oil declined and hit a fresh 15-month low after OPEC revised its demand forecast. It has downgraded to 2.03 million barrels per day in 2024 from 2.11 million.
Tropical storm Francine got strengthened in the Gulf of Mexico and will affect 24% of US oil output.
US dollar index - Neutral
US treasury yield- bearish (positive for commodity market).
Major resistance- $68.08. Any breach above will take the commodity to the next level $69.05/$70/$71.70/$72.80/$73.20. Major trend reversal only above $84.50.
The near-term support is around $65, any violation below targets $63/$60.
Indicators (4- hour chart)
ADX- Bearish
CCI (50) - Bearish
CCI (14)- Bearish
It is good to buy on dips around $67.20-22 with SL around $65 for TP of $71.70.
