WTI Light Sweet Crude Oil, DAILY Market Analysis 4/13/23
For Thursday, 83.01 can contain session weakness, above which 85.46 is likely over the next several days, able to contain session strength.
Closing today above 85.46 indicates the targeted 88.33 within several more days, where the market can top out into May activity and the point to settle above for yielding the 97.14 longer-term objective within 3 - 5 more weeks.
Downside Thursday, closing below 83.01 will keep 80.17 - 80.76 in reach tomorrow, where the market may bottom out through the balance of Q2.
A weekly settlement Friday above 80.76 maintains a 97.14, 2 - 3 month target, while a weekly settlement Friday below 80.17 should yield 71.76 within 3 - 5 weeks.
Closing today above 85.46 indicates the targeted 88.33 within several more days, where the market can top out into May activity and the point to settle above for yielding the 97.14 longer-term objective within 3 - 5 more weeks.
Downside Thursday, closing below 83.01 will keep 80.17 - 80.76 in reach tomorrow, where the market may bottom out through the balance of Q2.
A weekly settlement Friday above 80.76 maintains a 97.14, 2 - 3 month target, while a weekly settlement Friday below 80.17 should yield 71.76 within 3 - 5 weeks.
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