WTI Light Sweet Crude Oil, DAILY Market Analysis 4/5/23
For Wednesday, the 80.78 - 81.07 region can contain buying through April activity, below which 71.67 is likely over the next 3 - 5 weeks, possibly lower into summer activity.
Downside Wednesday, 79.00 can contain intraday weakness, while breaking/opening below 79.00 allows 77.46 intraday, where the market can place a daily low.
Closing below 77.46 signals 74.84 within several days, dropping daily and able to contain selling into later next week.
Upside Wednesday, pushing/opening above 81.07 signals 83.01, while closing today above 81.07 allows 88.64 by Friday’s close.
Overall, a clear weekly settlement Friday above 80.78 would indicate 97.76 within 2 - 3 months.
Downside Wednesday, 79.00 can contain intraday weakness, while breaking/opening below 79.00 allows 77.46 intraday, where the market can place a daily low.
Closing below 77.46 signals 74.84 within several days, dropping daily and able to contain selling into later next week.
Upside Wednesday, pushing/opening above 81.07 signals 83.01, while closing today above 81.07 allows 88.64 by Friday’s close.
Overall, a clear weekly settlement Friday above 80.78 would indicate 97.76 within 2 - 3 months.
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