WTI Light Sweet Crude Oil, DAILY Market Analysis 12/1/22
For Thursday, 76.48 can contain weekly selling pressures, above which 83.03 is likely within the week, possibly allowing 92.46 longer-term resistance by the end of December.
Upside Thursday, 83.03 can contain buying through the balance of the week, while a daily settlement above 83.03 indicates 92.46 within 2-3 weeks, where the market can top out through winter activity.
Downside Thursday, 79.86 can contain intraday weakness, while breaking/opening below 79.86 allows 76.48 intraday, able to contain weekly selling pressures and the point to settle below for indicating 66.41 within 2-3 weeks, the start of a narrowing range of support down to 64.57 able to contain selling through winter.
Upside Thursday, 83.03 can contain buying through the balance of the week, while a daily settlement above 83.03 indicates 92.46 within 2-3 weeks, where the market can top out through winter activity.
Downside Thursday, 79.86 can contain intraday weakness, while breaking/opening below 79.86 allows 76.48 intraday, able to contain weekly selling pressures and the point to settle below for indicating 66.41 within 2-3 weeks, the start of a narrowing range of support down to 64.57 able to contain selling through winter.
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