WTI Light Sweet Crude Oil, DAILY Market Analysis 4/19/23
For Wednesday, the 78.65 - 79.55 area can contain selling through the balance of Q2, above which 88.77 remains 3 - 5 week objective, the next several months likely to yield 96.53.
On the other hand, a daily settlement below 78.65 signals 76.20 within 3 - 5 days, while a weekly settlement Friday below 78.65 should mark a good high into June, 71.76 then anticipated over the next 3 - 5 weeks.
Upside Wednesday, 83.11 can contain session strength, while closing above 83.11 signals 86.77 within several days, also able to contain session strength and the level to settle above for yielding the targeted 88.77 within several more days, where the market can top out through May activity.
On the other hand, a daily settlement below 78.65 signals 76.20 within 3 - 5 days, while a weekly settlement Friday below 78.65 should mark a good high into June, 71.76 then anticipated over the next 3 - 5 weeks.
Upside Wednesday, 83.11 can contain session strength, while closing above 83.11 signals 86.77 within several days, also able to contain session strength and the level to settle above for yielding the targeted 88.77 within several more days, where the market can top out through May activity.
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