FxWirePro- Crude oil Daily Outlook

WTI crude oil hit a multi-month high as geopolitical tension escalates. It hit a high of $82.46 yesterday and is currently trading at $82.

Ukraine sent 35 drones to attack Russia at different places. A fire broke out at a Rosnet oil refinery which can process up to 8.5 million barrels annually.

Major factors for crude oil price movement-

US dollar index (Bullish)- Negative for Crude. Major resistance - 104.20/105. Major support- 103.40/102.80.

Geopolitical tension-  Escalation of Russia and Ukraine war (Positive for crude)

 Ichimoku analysis (4- hour chart)

Tenken-Sen- $81.49

Kijun-Sen- $80

The immediate resistance is around $82.50. Any jump above targets $83.50/$85. On the lower side, near-term support is around $80. Any breach below will drag the commodity down to $79/$77.95.

It is good to buy on dips around $79.50 with SL around $77.90 for a TP  of $83.50.