WTI Light Sweet Crude Oil, 5/15/23
The 62.14 level can contain selling through June, above which the 83.05 - 84.41 region is likely over that time horizon.
On the way up 73.99 can contain weekly buying pressures, with a daily settlement above 73.99 indicating 83.15 within several weeks (days?), the start of a narrowing range of meaningful resistance up to 84.41 able to contain buying into later summer, and the region to settle above for indicating 94.67 long-term resistance within 2 - 3 months.
Downside, a settlement below 62.14 indicates 53.87 within several weeks, longer term Fibonacci support able to contain selling through summer activity.
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For Monday, both 73.71 and 69.84 can firmly contain intraday activity, beyond which the next notable level is expected intraday.
Upside, pushing/opening above 73.71 signals 73.99, able to contain weekly buying pressures, and once tested, 68.77 attainable within a full week of activity, possibly allowing 62.14 within 3 - 5 weeks.
On the other hand, a daily settlement above 73.99 indicates 83.01 within 2 - 3 weeks, the start of a range of meaningful long-term resistance up to 84.41 able to contain buying into later summer.
Downside Monday, breaking/opening below 69.84 signals 68.77, able to contain selling into later week, and the level to settle below for then indicating 62.14 within 2 - 3 weeks.
On the way up 73.99 can contain weekly buying pressures, with a daily settlement above 73.99 indicating 83.15 within several weeks (days?), the start of a narrowing range of meaningful resistance up to 84.41 able to contain buying into later summer, and the region to settle above for indicating 94.67 long-term resistance within 2 - 3 months.
Downside, a settlement below 62.14 indicates 53.87 within several weeks, longer term Fibonacci support able to contain selling through summer activity.
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For Monday, both 73.71 and 69.84 can firmly contain intraday activity, beyond which the next notable level is expected intraday.
Upside, pushing/opening above 73.71 signals 73.99, able to contain weekly buying pressures, and once tested, 68.77 attainable within a full week of activity, possibly allowing 62.14 within 3 - 5 weeks.
On the other hand, a daily settlement above 73.99 indicates 83.01 within 2 - 3 weeks, the start of a range of meaningful long-term resistance up to 84.41 able to contain buying into later summer.
Downside Monday, breaking/opening below 69.84 signals 68.77, able to contain selling into later week, and the level to settle below for then indicating 62.14 within 2 - 3 weeks.
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