WTI Light Sweet Crude Oil, DAILY Market Analysis 4/4/23
For Tuesday, the 80.78 - 81.14 region can contain buying through April activity, below which 71.67 is likely over the next several weeks, possibly lower into summer activity.
Downside Tuesday, 79.00 can contain intraday weakness, while breaking/opening below 79.00 allows 76.85 intraday, where the market can place a daily low.
Closing below 76.85 signals 75.14 tomorrow, dropping daily and able to contain selling through the balance of the week.
Upside Tuesday, pushing/opening above 81.14 signals 83.01, while closing today above 81.14 allows 88.71 by Friday’s close.
Overall, a clear weekly settlement Friday above 80.78 would indicate 97.76 within 2 - 3 months.
Downside Tuesday, 79.00 can contain intraday weakness, while breaking/opening below 79.00 allows 76.85 intraday, where the market can place a daily low.
Closing below 76.85 signals 75.14 tomorrow, dropping daily and able to contain selling through the balance of the week.
Upside Tuesday, pushing/opening above 81.14 signals 83.01, while closing today above 81.14 allows 88.71 by Friday’s close.
Overall, a clear weekly settlement Friday above 80.78 would indicate 97.76 within 2 - 3 months.
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