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Crude oil showed a minor sell-off despite Chinese stimulus. It hit a high of $72.36 and is currently trading around $70.99.
The People’s Bank of China (PBOC) cut Reserve Requirement Ratio (RRR) by 50 bpbs and lowered the seven-day repo rate to 1.5% from 1.7%.
According to the American Petroleum Institute (API), crude oil inventories fell by 4.339 million barrels for the week ending Sep 20th compared to a forecast of -1.1 million barrels.
US dollar index - Bearish
US treasury yield- bearish (positive for commodity market).
Major resistance- $71.50. Any breach above will take the commodity to the next level of $72.35/$73.20. Major trend reversal only above $78.
The near-term support is around $70.25, any violation below targets $69.40/$68/$67.25.
Indicators (4- hour chart)
ADX- Neutral
CCI (50) - Bullish
CCI (14)- Bearish
It is good to buy on dips around $70 with SL around $69 for TP of $74.70.
