WTI Light Sweet Crude Oil, DAILY Market Analysis 1/12/23
For Thursday, 77.51 - 78.12 can contain weekly buying pressures, below which 67.14 long-term support remains a 2 - 3 week objective.
Downside Thursday, 75.22 can contain session weakness, while closing below 75.22 indicates 72.07 within several days, able to contain selling into later next week and the point to settle below for indicating the targeted 67.14 within 1 - 2 more weeks, where the market can bottom out through spring.
Upside Thursday, pushing/opening above 78.12 allows 80.26 intraday, while a settlement above 78.12 signals 82.57 within 3 - 5 days, the 87.77 - 88.19 region likely within 3-5 weeks, able to absorb broader market buying into spring, once tested the market prone to falling back over that longer-term time horizon.
Downside Thursday, 75.22 can contain session weakness, while closing below 75.22 indicates 72.07 within several days, able to contain selling into later next week and the point to settle below for indicating the targeted 67.14 within 1 - 2 more weeks, where the market can bottom out through spring.
Upside Thursday, pushing/opening above 78.12 allows 80.26 intraday, while a settlement above 78.12 signals 82.57 within 3 - 5 days, the 87.77 - 88.19 region likely within 3-5 weeks, able to absorb broader market buying into spring, once tested the market prone to falling back over that longer-term time horizon.
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