WTI Light Sweet Crude Oil, 5/9/23
For Tuesday, 69.85 can contain session weakness, above which the targeted 75.65 is attainable intraday and able to contain weekly buying pressures.
A daily settlement above 75.65 indicates 83.10 within several weeks, the start of a range of longer-term resistance up to 85.16 able to contain buying into later summer.
Downside Tuesday, breaking/opening 69.85 allows 67.77 intraday, where the market can bottom out into later week and above which 75.65 remains a 3 - 5 day objective.
A settlement today below 67.77 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 75.65 indicates 83.10 within several weeks, the start of a range of longer-term resistance up to 85.16 able to contain buying into later summer.
Downside Tuesday, breaking/opening 69.85 allows 67.77 intraday, where the market can bottom out into later week and above which 75.65 remains a 3 - 5 day objective.
A settlement today below 67.77 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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