WTI Light Sweet Crude Oil, DAILY Market Analysis 1/9/23
For Monday, 76.98 - 77.27 can contain weekly buying pressures, below which 67.14 long-term support remains a 2 - 3 week objective.
Downside Monday, 71.83 can contain selling into early later week, once tested 76.98 - 77.27 attainable within 3 - 5 days.
On the other hand, closing today below 71.83 indicates the targeted 67.14 by the end of next week, where the market can bottom out through spring.
Upside Monday, a settlement back above 77.27 signals 82.07 within 3 - 5 days, the 88.15 - 88.19 region likely within 3 - 5 weeks, able to absorb broader market buying into spring trade, once tested the market prone to falling back over that longer-term time horizon.
Downside Monday, 71.83 can contain selling into early later week, once tested 76.98 - 77.27 attainable within 3 - 5 days.
On the other hand, closing today below 71.83 indicates the targeted 67.14 by the end of next week, where the market can bottom out through spring.
Upside Monday, a settlement back above 77.27 signals 82.07 within 3 - 5 days, the 88.15 - 88.19 region likely within 3 - 5 weeks, able to absorb broader market buying into spring trade, once tested the market prone to falling back over that longer-term time horizon.
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