WTI Light Sweet Crude Oil, 5/11/23
For Thursday, both 73.71 and 69.97 can firmly contain intraday activity, beyond which the next notable level is expected intraday.
Upside, pushing/opening above 73.71 signals 74.82, 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 settlement today above 74.82 indicates 83.06 within 2 - 3 weeks, the start of a range of meaningful long-term resistance up to 85.16 able to contain buying into later summer.
Downside Thursday, breaking/opening below 69.97 signals 68.77, able to contain selling through the balance of the week and the level to settle below for allowing 62.14 by the end of May.
Upside, pushing/opening above 73.71 signals 74.82, 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 settlement today above 74.82 indicates 83.06 within 2 - 3 weeks, the start of a range of meaningful long-term resistance up to 85.16 able to contain buying into later summer.
Downside Thursday, breaking/opening below 69.97 signals 68.77, able to contain selling through the balance of the week and the level to settle below for allowing 62.14 by the end of May.
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