FxWirePro- Crudeoil Daily Outlook

Crude oil-

WTI crude oil declined further following hawkish FOMC minutes. It hit a low of $76.80 yesterday and is currently trading at $78.02.

The Fed's hawkish stance is putting pressure on crude oil prices. Markets eye the OPEC meeting on Jun 1st, 2024 for further movement.

 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-  easing tension between Israel and Gaza  (negative  for crude).

Ichimoku analysis (4- hour chart)

Tenken-Sen- $77.38

Kijun-Sen- $78.10

The immediate resistance is around $78.50. Any jump above the target of $79.30/$80/$80.55/$81.20/$82/$82.53/$83. On the lower side, near-term support is around $7. Any breach below will drag the commodity down to $76.70/$75/$74.

It is good to sell on rallies around $80 with SL around $82 for a TP of $75.