WTI Light Sweet Crude Oil, DAILY Market Analysis 3/29/23
For Wednesday, 71.83 can contain selling through the balance of the week, above which 76.53 attainable over that time horizon.
Upside Wednesday, 74.39 can contain session strength, while closing today above 74.39 signal 76.53 by Friday’s close, where the market can top out into later next week.
Overall, a weekly settlement Friday at or above 72.55 (1% beyond 71.83) would neutralize the recent long-term sell signal, and with that 81.40 longer-term resistance becomes a 3 - 5 week objective.
Downside Wednesday, breaking/opening below 71.83 allows 70.90 intraday, while closing back below 71.83 will keep 65.22 in reach by the end of next week, 57.77 by contract expiration.
Upside Wednesday, 74.39 can contain session strength, while closing today above 74.39 signal 76.53 by Friday’s close, where the market can top out into later next week.
Overall, a weekly settlement Friday at or above 72.55 (1% beyond 71.83) would neutralize the recent long-term sell signal, and with that 81.40 longer-term resistance becomes a 3 - 5 week objective.
Downside Wednesday, breaking/opening below 71.83 allows 70.90 intraday, while closing back below 71.83 will keep 65.22 in reach by the end of next week, 57.77 by contract expiration.
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