WTI Light Sweet Crude Oil, DAILY Market Analysis 1/6/23
For Friday, 76.98 - 77.19 can contain buying through next week, below which 66.71 long-term support remains a 2 - 3 week objective.
Downside Friday, 71.75 can contain selling into early next week, once tested 76.98 - 77.19 attainable within 3-5 days.
On the other hand, closing today below 71.75 indicates the targeted 66.71 within 1 - 2 weeks, where the market can bottom out into spring trade, possibly into later year.
Upside Friday, a settlement back above 77.19 signals 84.16 by the end of next week, the 88.27 - 88.80 region attainable within several weeks, able to absorb broader market buying through winter activity
Downside Friday, 71.75 can contain selling into early next week, once tested 76.98 - 77.19 attainable within 3-5 days.
On the other hand, closing today below 71.75 indicates the targeted 66.71 within 1 - 2 weeks, where the market can bottom out into spring trade, possibly into later year.
Upside Friday, a settlement back above 77.19 signals 84.16 by the end of next week, the 88.27 - 88.80 region attainable within several weeks, able to absorb broader market buying through winter activity
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