WTI Light Sweet Crude Oil, 5/8/23
The 62.14 level can contain selling through June, above which the 83.05 - 85.16 region is likely over that time horizon.
On the way up 76.06 can contain weekly buying pressures, with a daily settlement above 76.06 indicating 83.15 within several weeks (days?), the start of a narrowing range of meaningful resistance up to 85.16 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.
-
For Monday, 68.60 can contain selling into later week, above which 76.06 remains 3 - 5 day target.
Upside Monday, 73.59 can contain session strength, while closing above 73.59 indicate 76.06 within 1 - 2 days where the market can place a weekly high and perhaps fall off from through next week.
A daily settlement above 76.06 indicates 83.13 within several weeks, the start of a range of longer-term resistance up to 85.16 able to contain buying into later summer.
Downside Monday, breaking/opening below 68.60 signals 66.76 intraday, while closing today below 68.60 indicates a test this week of 62.14 support, where the market can bottom out through June and over that time horizon remains poised for recovery into the 83.15 - 85.16 region.
On the way up 76.06 can contain weekly buying pressures, with a daily settlement above 76.06 indicating 83.15 within several weeks (days?), the start of a narrowing range of meaningful resistance up to 85.16 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.
-
For Monday, 68.60 can contain selling into later week, above which 76.06 remains 3 - 5 day target.
Upside Monday, 73.59 can contain session strength, while closing above 73.59 indicate 76.06 within 1 - 2 days where the market can place a weekly high and perhaps fall off from through next week.
A daily settlement above 76.06 indicates 83.13 within several weeks, the start of a range of longer-term resistance up to 85.16 able to contain buying into later summer.
Downside Monday, breaking/opening below 68.60 signals 66.76 intraday, while closing today below 68.60 indicates a test this week of 62.14 support, where the market can bottom out through June and over that time horizon remains poised for recovery into the 83.15 - 85.16 region.
Anthony Speciale, founder of Speciale Analysis offers an affordable approach for all traders to grow into their highest potential.