WTI Market Analysis for the week of Feb. 14, 2022:
The targeted 92.00 - 93.00 long-term resistance area can contain annual buying pressures, and from there the market could fall back into summer trade.
On the other hand, a weekly settlement above 94.00 (1% beyond 93.00) would indicate 115.00 within several months, also able to contain annual buying pressures.
Downside, a weekly settlement back below 85.50 (beyond 1%) should mark a good Q1 high, 79.00 then likely within several weeks, 74.00 - 67.00 attainable over the following several months.
On the other hand, a weekly settlement above 94.00 (1% beyond 93.00) would indicate 115.00 within several months, also able to contain annual buying pressures.
Downside, a weekly settlement back below 85.50 (beyond 1%) should mark a good Q1 high, 79.00 then likely within several weeks, 74.00 - 67.00 attainable over the following several months.
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