- US oil clocked fresh five-week highs above $ 71 level, bias is higher.
- API data showed higher-than-expected 9.2 million barrel drop in the US crude stockpiles in the week to June 22 to 421.4 million barrels.
- Further, US-Iran trade tensions keep prices underpinned.
- Technical indictaors on daily charts support upside. Price has broken out of daily cloud.
- Focus now on EIA crude stockpiles data for further impetus.
Support levels - 70.40 (cloud top), 68.97 (5-DMA), 67.13 (55-EMA)
Resistance levels - 72.88 (May 22 high), 74.70 (trendline)
Recommendation: Good to go long on dips around 71, SL: 69.45, TP: 72/ 72.80
