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Crude oil lost its shine on weak demand. It hit a low of $70.42 lowest level since Jan and is currently trading around $73.42.
China’s new export order declined sharply which confirms economic growth is sluggish. The weak Chinese manufacturing PMI puts pressure on global oil demand.
Major factors supporting higher Crude oil price
US dollar index - Bullish
US treasury yield- bullish (positive for commodity market).
Major resistance- $71.70.Any breach above will take the commodity to the next level $72.80/$73.20. Major trend reversal only above $84.50.
The near-term support is around $70, any violation below targets $67.75.
Indicators (4- hour chart)
ADX- Bearish
CCI (50) - Bearish
CCI (14)- Bearish
It is good to sell on rallies around $71.85-90 with SL around $72.85 for TP of $67.75.
