WTI Light Sweet Crude Oil, DAILY Market Analysis 11/10/22
For Thursday, 88.48 can contain buying through next week, below which 82.49 remains 3-5 day target, the 76.97-78.01 region expected over the next 2-3 weeks.
Downside Thursday, 84.72 can contain intraday weakness, below which 82.49 is attainable intraday and able to contain selling through the balance of the week.
A settlement today below 82.49 signals 78.01 within 1-2 days, the start of a range of targeted long-term support on the 76.97 able to contain selling into December activity.
Upside Thursday, closing back above 88.49 will keep 95.91-96.36 long-term resistance in reach by the end of next week, where the market can top out through December, and a meaningful upside continuation region into later year.
Downside Thursday, 84.72 can contain intraday weakness, below which 82.49 is attainable intraday and able to contain selling through the balance of the week.
A settlement today below 82.49 signals 78.01 within 1-2 days, the start of a range of targeted long-term support on the 76.97 able to contain selling into December activity.
Upside Thursday, closing back above 88.49 will keep 95.91-96.36 long-term resistance in reach by the end of next week, where the market can top out through December, and a meaningful upside continuation region into later year.
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