WTI Light Sweet Crude Oil, 5/1/23
The 81.48 level can contain buying through June, below which 71.76 is likely to be tested over that time horizon and able to contain monthly selling pressures when tested, as well as the point to settle below for yielding 62.14 within 3 - 5 more weeks, where the broader market can bottom out through summer.
Upside, a weekly settlement above 81.48 signals 95.29 within 2 - 3 months, able to contain buying through summer activity and a meaningful upside continuation point into later year.
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For Monday, 75.28 can contain session weakness, above which 78.66 remains a 2 - 3 day target, possibly yielding 79.90 within the week, the start of a range of meaningful resistance up to 81.48 able to contain buying into June, once tested the market prone to fall back to 71.76 within 1 - 2 months.
Downside Monday, breaking/opening below 75.28 signals 73.98, while closing today below 75.28 indicates 71.76 within 3 - 5 days, able to contain selling through May, once tested the market poised for recovery to 81.48 within 1 - 2 months.
Upside, a weekly settlement above 81.48 signals 95.29 within 2 - 3 months, able to contain buying through summer activity and a meaningful upside continuation point into later year.
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For Monday, 75.28 can contain session weakness, above which 78.66 remains a 2 - 3 day target, possibly yielding 79.90 within the week, the start of a range of meaningful resistance up to 81.48 able to contain buying into June, once tested the market prone to fall back to 71.76 within 1 - 2 months.
Downside Monday, breaking/opening below 75.28 signals 73.98, while closing today below 75.28 indicates 71.76 within 3 - 5 days, able to contain selling through May, once tested the market poised for recovery to 81.48 within 1 - 2 months.
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