WTI Light Sweet Crude Oil, WEEKLY/DAILY Market Analysis 10/24/22
Weekly Analysis:
The 77.94 region can contain selling through November, above which 98.96 is attainable over that time horizon, able to contain buying on a monthly basis 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 77.94 will keep the 68.50 region in reach by the end of November or sooner, able to contain broader market selling through the balance of the year.
Daily Analysis:
For Monday, 82.97 can contain selling into later week, above which 90.28 remains a 3-5 day target. Upside today, 86.26 can contain session strength, while closing above 86.26 indicates the targeted 90.28 within 2-3 days, where the market can top out on a weekly basis and the level to settle above for yielding the more meaningful 97.85 - 98.96 area within 1-2 weeks. Downside Monday, closing below 82.97 signals 77.94 longer-term support within 3-5 days, able to contain selling through November, and above which the 97.85-98.96 region is attainable over that time horizon.
The 77.94 region can contain selling through November, above which 98.96 is attainable over that time horizon, able to contain buying on a monthly basis 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 77.94 will keep the 68.50 region in reach by the end of November or sooner, able to contain broader market selling through the balance of the year.
Daily Analysis:
For Monday, 82.97 can contain selling into later week, above which 90.28 remains a 3-5 day target. Upside today, 86.26 can contain session strength, while closing above 86.26 indicates the targeted 90.28 within 2-3 days, where the market can top out on a weekly basis and the level to settle above for yielding the more meaningful 97.85 - 98.96 area within 1-2 weeks. Downside Monday, closing below 82.97 signals 77.94 longer-term support within 3-5 days, able to contain selling through November, and above which the 97.85-98.96 region is attainable over that time horizon.
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