WTI Light Sweet Crude Oil, DAILY Market Analysis 10/18/22

Please note today begins DEC-22 contract analysis. For Tuesday, 87.79 can contain session strength, 82.39 in reach today and able to contain selling into later week. A settlement today below 82.39 signals a test this week of 78.43 long-term support, where the market can bottom out through November activity and above which the 98.26-100.26 region is attainable by the end of the year or sooner. Upside Tuesday, pushing/opening above 87.79 signals 89.04, while closing today above 87.79 indicates 90.84 tomorrow, able to contain weekly buying pressures and the level to settle above for indicating the more meaningful 98.26-100.26 region within 1-2 weeks.