WTI Market Analysis for the week of Feb. 7, 2022:
Upside, the 86.00 - 87.00 price area can contain selling into later February, above which the 92.00 - 93.00 long-term resistance target was achieved last week. Ascending resistance for this week where the market can place an annual high into later year is currently at 94.50.
On the other hand, a weekly settlement above 94.50 (by a 1% margin) would indicate 115.00 within several months, also able to contain annual buying pressures and the point to settle above for signaling a retest of the 147.00, the 2008 high within several more months.
Downside, a weekly settlement back below 86.00 should mark a good Q1 high, 77.00 then likely over the next several weeks, 66.00 attainable over the following several months time.
On the other hand, a weekly settlement above 94.50 (by a 1% margin) would indicate 115.00 within several months, also able to contain annual buying pressures and the point to settle above for signaling a retest of the 147.00, the 2008 high within several more months.
Downside, a weekly settlement back below 86.00 should mark a good Q1 high, 77.00 then likely over the next several weeks, 66.00 attainable over the following several months time.
Anthony Speciale, founder of Speciale Analysis offers an affordable approach for all traders to grow into their highest potential.