WTI Light Sweet Crude Oil, DAILY Market Analysis 4/3/23
The 71.67 - 72.26 region can contain selling through April, above which the 80.78 - 81.20 region remains a 3 - 5 week objective able to contain monthly buying pressures when tested, possibly into summer activity.
A weekly settlement above 80.78 would signal 97.76 over the following 2 - 3 months.
Downside, closing the week back below 71.67 would signal 64.98 within 2 - 3 weeks, possibly allowing 53.87 within several months, where the broader market can bottom out through the year.
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For Monday, 75.43 can contain buying into later week, below which 71.67 - 72.26 is attainable over that time horizon where the market can bottom out through April activity.
Holding above 72.26 maintains a 80.78, 3 - 5 week objective, while a weekly settlement back below 71.67 signals 64.98 within 2 - 3 weeks, possibly lower into early summer.
Upside Monday, pushing/opening above 75.43 signal 76.23, while closing today above 74.43 indicates 79.41 within 3 - 5 days, the targeted 80.78 - 81.20 region by the end of next week, where the market can top out into later spring.
A weekly settlement above 80.78 would signal 97.76 over the following 2 - 3 months.
Downside, closing the week back below 71.67 would signal 64.98 within 2 - 3 weeks, possibly allowing 53.87 within several months, where the broader market can bottom out through the year.
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For Monday, 75.43 can contain buying into later week, below which 71.67 - 72.26 is attainable over that time horizon where the market can bottom out through April activity.
Holding above 72.26 maintains a 80.78, 3 - 5 week objective, while a weekly settlement back below 71.67 signals 64.98 within 2 - 3 weeks, possibly lower into early summer.
Upside Monday, pushing/opening above 75.43 signal 76.23, while closing today above 74.43 indicates 79.41 within 3 - 5 days, the targeted 80.78 - 81.20 region by the end of next week, where the market can top out into later spring.
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