WTI Light Sweet Crude Oil, 5/2/23
For Tuesday, both 73.98 and 77.54 can firmly contain intraday activity, beyond which the next notable level is attainable intraday.
Downside, breaking/opening below 73.98 allows 71.76 intraday, able to contain selling through May, once tested the market poised for recovery to 81.48 within 1 - 2 months.
A daily settlement below 71.76 would signal 62.14 over the next 3 - 5 weeks.
Upside Tuesday, pushing/opening below 77.54 allows 78.66, where the market can place a daily high.
A settlement today above 78.66 indicates the 79.84 - 81.48 region within several days, able to contain buying into June, once tested the market prone to fall back to 71.76 within 1 - 2 months.
Downside, breaking/opening below 73.98 allows 71.76 intraday, able to contain selling through May, once tested the market poised for recovery to 81.48 within 1 - 2 months.
A daily settlement below 71.76 would signal 62.14 over the next 3 - 5 weeks.
Upside Tuesday, pushing/opening below 77.54 allows 78.66, where the market can place a daily high.
A settlement today above 78.66 indicates the 79.84 - 81.48 region within several days, able to contain buying into June, once tested the market prone to fall back to 71.76 within 1 - 2 months.
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