WTI Light Sweet Crude Oil, DAILY Market Analysis 4/17/23
Upside, the 78.65 - 79.55 region can contain selling into summer trade, above which 88.20 remains a 2 - 3 week objective, the 96.53 formation expected over the next 2 - 3 months where the broader market can top out through summer activity.
Downside, a weekly settlement below 78.65 indicates a good spring high, 71.76 then consider 3 - 5 week objective able to contain monthly selling pressures when tested, and a meaningful downside continuation point into summer trade.
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For Monday, 83.11 can contain session strength, below which the 78.65 - 79.55 area is attainable over the next several days and able to contain selling through the balance of Q2.
Holding above 79.55 will keep 88.20 in reach as a 2 - 3 week objective, the next several months likely to yield 96.53.
On the other hand, a weekly settlement Friday below 78.65 should mark a good high into June, 71.76 then anticipated over the next 3 - 5 weeks.
Upside Monday, pushing/opening above 83.01 allows 85.46 intraday, also able to contain session strength and the level to settle above for yielding the targeted 88.20 within several more days, where the market can top out into May activity.
Downside, a weekly settlement below 78.65 indicates a good spring high, 71.76 then consider 3 - 5 week objective able to contain monthly selling pressures when tested, and a meaningful downside continuation point into summer trade.
-
For Monday, 83.11 can contain session strength, below which the 78.65 - 79.55 area is attainable over the next several days and able to contain selling through the balance of Q2.
Holding above 79.55 will keep 88.20 in reach as a 2 - 3 week objective, the next several months likely to yield 96.53.
On the other hand, a weekly settlement Friday below 78.65 should mark a good high into June, 71.76 then anticipated over the next 3 - 5 weeks.
Upside Monday, pushing/opening above 83.01 allows 85.46 intraday, also able to contain session strength and the level to settle above for yielding the targeted 88.20 within several more days, where the market can top out into May activity.
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