WTI Light Sweet Crude Oil, 7/24/23
A two-sided framework continues through summer between 62.14 long-term support, and 81.73 long-term resistance, both regions able to contain seasonal activity.
Inside this wide range, 77.71 can contain weekly buying pressures, 73.27 weekly selling pressures, with a settlement below 73.27 indicating 68.25 within several weeks, where the market can bottom out on a monthly basis.
Closing below 68.25 indicates 62.14 within several weeks, able to contain selling into autumn activity and a meaningful downside continuation point into later year.
Upside, a weekly settlement above 81.73 indicates a good low for the year, 103.70 seven considered 3 - 5 to month target able to contain buying well into next year.
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For Monday, the 76.98 - 77.71 region can contain weekly buying pressures, possibly through August activity, below which 73.27 remains 1 - 2 week objective, possibly yielding 68.25 by the end of August.
Downside, 74.66 can contain session weakness, while closing below 74.66 signals 73.27 tomorrow, able to contain weekly selling pressures and the point to settle below for signaling 68.25 within 1 - 2 more weeks, able to contain selling through August activity.
Upside Monday, closing above 77.71 indicates 80.61 - 81.73 by the end of next week, longer-term resistance able to contain buying through summer trade, with a weekly settlement above 81.73 setting off a significant buy signal into later year, 103.70 that expected over the following 3 - 5 months.
Inside this wide range, 77.71 can contain weekly buying pressures, 73.27 weekly selling pressures, with a settlement below 73.27 indicating 68.25 within several weeks, where the market can bottom out on a monthly basis.
Closing below 68.25 indicates 62.14 within several weeks, able to contain selling into autumn activity and a meaningful downside continuation point into later year.
Upside, a weekly settlement above 81.73 indicates a good low for the year, 103.70 seven considered 3 - 5 to month target able to contain buying well into next year.
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For Monday, the 76.98 - 77.71 region can contain weekly buying pressures, possibly through August activity, below which 73.27 remains 1 - 2 week objective, possibly yielding 68.25 by the end of August.
Downside, 74.66 can contain session weakness, while closing below 74.66 signals 73.27 tomorrow, able to contain weekly selling pressures and the point to settle below for signaling 68.25 within 1 - 2 more weeks, able to contain selling through August activity.
Upside Monday, closing above 77.71 indicates 80.61 - 81.73 by the end of next week, longer-term resistance able to contain buying through summer trade, with a weekly settlement above 81.73 setting off a significant buy signal into later year, 103.70 that expected over the following 3 - 5 months.
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