WTI Light Sweet Crude Oil, DAILY Market Analysis 3/27/23
The 71.83 speed-line can contain buying through spring, below which 58.00 remains a 3 - 5 week target, 53.87 expected over the next several months.
Downside, 58.00 can contain selling into expiration, with a settlement below 58.00 indicating the targeted 53.87 within several weeks, where the broader market can bottom out through the balance of the year.
Upside, a weekly settlement back above 71.83 signals recovery within 3 - 5 weeks to 81.40, able to contain buying on a monthly basis and a significant upside continuation point into summer.
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For Monday, 71.83 can contain buying through spring, below which 58.00 remains a 3 - 5 week target.
Downside Monday, 65.38 can contain weekly selling pressures, while closing below 65.38 indicates 58.00 over the next 2 - 3 weeks, where the may contract can bottom out into expiration.
Upside Monday, closing above 71.83 indicates 74.31 within several days, while closing the week itself at or above 72.55 (1% beyond 71.83) would neutralize the recent long-term sell signal, and with that 81.40 longer-term resistance becomes a 3 - 5-week objective.
Downside, 58.00 can contain selling into expiration, with a settlement below 58.00 indicating the targeted 53.87 within several weeks, where the broader market can bottom out through the balance of the year.
Upside, a weekly settlement back above 71.83 signals recovery within 3 - 5 weeks to 81.40, able to contain buying on a monthly basis and a significant upside continuation point into summer.
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For Monday, 71.83 can contain buying through spring, below which 58.00 remains a 3 - 5 week target.
Downside Monday, 65.38 can contain weekly selling pressures, while closing below 65.38 indicates 58.00 over the next 2 - 3 weeks, where the may contract can bottom out into expiration.
Upside Monday, closing above 71.83 indicates 74.31 within several days, while closing the week itself at or above 72.55 (1% beyond 71.83) would neutralize the recent long-term sell signal, and with that 81.40 longer-term resistance becomes a 3 - 5-week objective.
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