WTI Light Sweet Crude Oil, 6/5/23

A two-sided framework continues through summer between 62.14 long-term support, and 82.57 long-term resistance, both regions able to contain seasonal activity.

 

Downside, a weekly settlement below 62.14 indicates 53.87 within several months, longer term Fibonacci support able to contain selling into later year.

 

Upside, a weekly settlement above 82.57 indicates 94.67 within several months, able to contain buying on an annual basis.

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For Monday, 70.68 can contain session weakness, above which 73.23 remains a 2 - 3 day target able to contain buying into later week, once tested the market susceptible to falling back to 67.16 by the end of next week.

 

Closing above 73.23 indicates 76.85 within 3 - 5 more days, where the market can top out on a weekly basis and the point to settle above for then indicating 82.18 long-term resistance within 2 - 3 more weeks.

 

Downside Monday, breaking/opening below 70.68 signal 69.69 intraday, while closing today below 70.68 indicates 67.16 within several days, able to contain selling through the balance of the week and the point to settle below for then indicating 62.14 long-term support within 2 - 3 more weeks.