WTI Light Sweet Crude Oil, 5/10/23
For Wednesday, 69.85 can contain session weakness, above which the targeted 75.23 is attainable intraday and able to contain weekly buying pressures.
A daily settlement above 75.23 indicates 83.08 within several weeks, the start of a range of longer-term resistance up to 85.16 able to contain buying into later summer.
Downside Wednesday, a settlement below 69.85 indicate 66.94 within several days where the market can bottom out through the balance of the week, and above which 75.23 remains a 3 - 5 day objective.
A daily settlement below 66.94 indicates a good weekly high, 62.14 then considered a 3 - 5 day target where the market can bottom out through June, and over that time horizon remains poised for recovery into the 83.15 - 85.16 region.
A daily settlement above 75.23 indicates 83.08 within several weeks, the start of a range of longer-term resistance up to 85.16 able to contain buying into later summer.
Downside Wednesday, a settlement below 69.85 indicate 66.94 within several days where the market can bottom out through the balance of the week, and above which 75.23 remains a 3 - 5 day objective.
A daily settlement below 66.94 indicates a good weekly high, 62.14 then considered a 3 - 5 day target where the market can bottom out through June, and over that time horizon remains poised for recovery into the 83.15 - 85.16 region.
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