WTI Light Sweet Crude Oil, 6/7/23
For Wednesday, 72.80 can contain buying early next week, below which 67.99 remains 3 - 5 day target able to contain selling over the same time horizon.
A daily settlement below 67.99 indicates 62.14 over the following 2 - 3 weeks, where the market can bottom out through summer activity.
Upside Wednesday, closing above 72.80 indicates 77.21 within 3 - 5 days, able to contain weekly buying pressures when tested and the point to settle above for then indicating 82.18 long-term resistance within 2 - 3 more weeks time.
A daily settlement below 67.99 indicates 62.14 over the following 2 - 3 weeks, where the market can bottom out through summer activity.
Upside Wednesday, closing above 72.80 indicates 77.21 within 3 - 5 days, able to contain weekly buying pressures when tested and the point to settle above for then indicating 82.18 long-term resistance within 2 - 3 more weeks time.
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