WTI Light Sweet Crude Oil, 5/4/23
For Thursday, 71.76 can contain buying into June, below which 62.14 remains a 3 - 5 week target.
Downside Thursday, 67.12 can contain session weakness, while closing below 67.12 signals 62.14 within 3 - 5 days, where the broader market can bottom out into June activity, possibly through summer trade.
Upside Thursday, 71.03 can contain intraday strength, beyond which 71.76 is likely and able to contain buying into June activity.
On the other hand, a settlement today above 71.76 indicates a good May low, 81.48 long-term resistance then attainable within 3 - 5 weeks where the market can top out into later summer and a significant upside continuation point over the same time horizon.
Downside Thursday, 67.12 can contain session weakness, while closing below 67.12 signals 62.14 within 3 - 5 days, where the broader market can bottom out into June activity, possibly through summer trade.
Upside Thursday, 71.03 can contain intraday strength, beyond which 71.76 is likely and able to contain buying into June activity.
On the other hand, a settlement today above 71.76 indicates a good May low, 81.48 long-term resistance then attainable within 3 - 5 weeks where the market can top out into later summer and a significant upside continuation point over the same time horizon.
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