WTI Light Sweet Crude Oil, DAILY Market Analysis 11/9/22
For Wednesday, 88.62 can contain weekly selling pressures, above which 96.05-96.36 is expected within 3-5 days a range of longer-term resistance able to contain buying through the balance of the year, once tested 76.97 attainable over that time horizon.
On the other hand, a settlement today above 96.36 indicates 99.92 within the week, while a weekly settlement Friday above 96.36 would signal 110.72 by the end of the year, where the broader market can top out into next spring.
Downside Wednesday, breaking/opening below 88.62 allows 85.53, while closing below 88.62 indicates a good weekly high, 82.42 then likely within several days, 76.97 attainable by the end of November.
On the other hand, a settlement today above 96.36 indicates 99.92 within the week, while a weekly settlement Friday above 96.36 would signal 110.72 by the end of the year, where the broader market can top out into next spring.
Downside Wednesday, breaking/opening below 88.62 allows 85.53, while closing below 88.62 indicates a good weekly high, 82.42 then likely within several days, 76.97 attainable by the end of November.
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