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WTI crude oil pared some pf its gains on strong US dollar.It hit a low of $78.89 at the time of writing and is currently trading at $78.96.
Acccording to American Petroleum Institute, crude oil inventories dropped by 6.490 million barrels for the week ending May 17th .
Major factors for crude oil price movement-
US dollar index (Bullish)- negative for Crude.
Major resistance - 105/106.50.
Major support- 104/103.
Geopolitical tension- escalation of tension between Israel and Gaza ( positive for crude).
Ichimoku analysis (4- hour chart)
Tenken-Sen- $79.76
Kijun-Sen- $78.35
The immediate resistance is around $79.35. Any jump above the target of $80/$80.55/$81.20/$82/$82.53/$83. On the lower side, near-term support is around $78.80 Any breach below will drag the commodity down to $78.25/ $77.23/$76.70/$75/$74.
It is good to sell on rallies around $80 with SL around $81 for a TP of $75.
