WTI Light Sweet Crude Oil, DAILY Market Analysis 10/31/22

For Monday, 89.59 can contain buying through next week, below which the market remains susceptible to falling back to 77.45 over the next 2-3 weeks. Downside Monday, 85.18 can contain session weakness, while closing below 85.18 signals 77.45 longer-term support within 3-5 days, where the market can bottom out through November, and above which the 97.02-97.66 region is attainable over that time horizon. Upside Monday, a settlement above 89.59 indicates the 97.02 - 97.66 area within 1-2 more weeks, able to contain buying through December.


WEEKLY ANALYSIS: The 77.45 region can contain selling through November, above which 97.66 is attainable over that time horizon, able to contain buying through December and the region to settle above for signaling 2-3 months bullish continuation to 111.95, where the broader market can top out through winter activity. Downside, a weekly settlement below 77.45 indicates 68.50 by the end of November or sooner, able to contain broader market selling through the balance of the year.