WTI crude oil rebounded slightly after strong US crude inventory data. It hit a low of $81.26 at the time of writing and is currently trading at $81.42.
US crude inventories fell by 4.9 million barrels last week, compared to a forecast of
-0.90 million barrels.
China’s growth concerns and US and Chinese trade restrictions put pressure on oil at higher levels.
Major factors for crude oil price movement-
US dollar index (Bearish)- Positive for Crude.
Major resistance - 104.25/105.
Major support- 103.60/103.
Ichimoku analysis (4- hour chart)
Tenken-Sen- $81.67
Kijun-Sen- $81.95
The immediate resistance is around $81.75. Any jump above the target of $82/$82.65/$83. On the lower side, near-term support is around $80. Any breach below will drag the commodity down to $79/$78.
It is good to sell on rallies around $81.45-50 with SL around $82.65 for a TP of $78.


FxWirePro: EUR/AUD neutral in the near term, scope for downward resumption
EUR/USD Slides After ECB Hold, Bearish Technicals Favor Rally Fades
FxWirePro- Woodies pivot (Major)
AUDJPY Extends Four-Day Rally as Yen Weakness Fuels Fresh Buying Opportunity
FxWirePro: USD/CNY edges higher but bulls lack punch
FxWirePro: USD/CAD positions for another climb, eyes 1.4150 level
FxWirePro- Major Crypto levels and bias summary
Crypto Bias Report: Trend Signals and Top Bullish Picks
FxWirePro- Woodies pivot (Major)
FxWirePro: GBP/USD downtrend loses steam but outlook still bearish
FxWirePro:USD/JPY hovers near a four-decade low
JPY Action Bias: USDJPY, EURJPY, and CADJPY Emerge as Top Extremely Bullish Picks
FxWirePro: USD/ZAR retreats slightly but bias is bullish
FxWirePro: GBP/AUD under pressure as pound continues to weaken
FxWirePro: AUD/USD uptrend loses steam, remains on bearish path
Major Pairs Action Bias: USDCHF Emerges Extremely Bullish as EURUSD and GBPUSD Turn Deeply Bearish 



