WTI Light Sweet Crude Oil, DAILY Market Analysis 11/30/22
For Wednesday, 76.48 can contain weekly selling pressures, above which 82.95 is likely within the week, possibly allowing 92.46 longer-term resistance by the end of December.
Upside Wednesday, 80.46 can contain intraday strength, beyond which 82.95 is likely intraday and able to contain buying through the balance of the week.
A daily settlement above 82.95 indicates 92.46 within 2-3 weeks, where the market can top out through winter activity.
Downside Wednesday, breaking/opening below 76.48 allows 72.87, while closing today below 76.48 indicates 66.56 within 2-3 weeks, the start of a narrowing range of support down to 64.57 able to contain selling through winter.
Upside Wednesday, 80.46 can contain intraday strength, beyond which 82.95 is likely intraday and able to contain buying through the balance of the week.
A daily settlement above 82.95 indicates 92.46 within 2-3 weeks, where the market can top out through winter activity.
Downside Wednesday, breaking/opening below 76.48 allows 72.87, while closing today below 76.48 indicates 66.56 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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