WTI Light Sweet Crude Oil, DAILY Market Analysis 12/5/22
For Monday, 83.20 can contain buying into later week, below which 76.50 midterm support is likely again over that time horizon.
Downside Monday, 79.62 can contain intraday weakness, while breaking/opening below 79.62 allows 76.50 intraday, where the market can place a weekly low, possibly into later December.
Holding above 76.50 allows 91.16-92.56 by the end of December, while closing today below 76.50 indicates 66.10 over the same time horizon, the start of a narrowing range of long-term support down to 65.00 able to contain selling through winter activity.
Upside Monday, pushing/opening above 83.20 signals 85.02, while closing today above 83.20 indicates 91.16-92.56 within 2-3 weeks, longer-term resistance able to contain buying through winter.
Downside Monday, 79.62 can contain intraday weakness, while breaking/opening below 79.62 allows 76.50 intraday, where the market can place a weekly low, possibly into later December.
Holding above 76.50 allows 91.16-92.56 by the end of December, while closing today below 76.50 indicates 66.10 over the same time horizon, the start of a narrowing range of long-term support down to 65.00 able to contain selling through winter activity.
Upside Monday, pushing/opening above 83.20 signals 85.02, while closing today above 83.20 indicates 91.16-92.56 within 2-3 weeks, longer-term resistance able to contain buying through winter.
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