WTI Light Sweet Crude Oil, DAILY Market Analysis 12/2/22
For Friday, 83.11 can contain buying into later next week, below which 76.48 midterm support is likely again over that time horizon.
Downside Friday, 79.44 can contain intraday weakness, while breaking/opening below 79.44 allows 76.48 intraday, where the market can bottom out through next week.
Holding above 76.48 allows 92.46 by the end of December, while closing today below 76.48 indicates 66.25 over the same time horizon, the start of a narrowing range of long-term support down to 64.57 able to contain selling through winter activity.
Upside Friday, pushing/opening above 83.11 signals 85.02, while closing today above 83.11 indicates 92.46 within 2-3 weeks, longer-term resistance able to contain buying through winter activity.
Downside Friday, 79.44 can contain intraday weakness, while breaking/opening below 79.44 allows 76.48 intraday, where the market can bottom out through next week.
Holding above 76.48 allows 92.46 by the end of December, while closing today below 76.48 indicates 66.25 over the same time horizon, the start of a narrowing range of long-term support down to 64.57 able to contain selling through winter activity.
Upside Friday, pushing/opening above 83.11 signals 85.02, while closing today above 83.11 indicates 92.46 within 2-3 weeks, longer-term resistance able to contain buying through winter activity.
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