WTI Light Sweet Crude Oil, DAILY Market Analysis 1/13/23
For Friday, 77.59 - 78.58 can contain selling through next week, above which 82.70 is likely over the next 3 - 5 days, possibly yielding 87.65 - 88.19 over the next 3 - 5 weeks.
Upside Friday, 80.26 can contain intraday strength, beyond which 82.70 is attainable intraday and able to contain buying through next week.
A daily settlement above 82.70 indicates 87.65 - 88.19 within another full week of trade, where the market can top out into spring trade.
Downside Friday, closing below 77.59 signals 75.22 within several days, 72.15 attainable within a full week, where the market can bottom out on a weekly basis and the point to settle below for clearly indicating 67.14 long-term support over the following full week of activity.
Upside Friday, 80.26 can contain intraday strength, beyond which 82.70 is attainable intraday and able to contain buying through next week.
A daily settlement above 82.70 indicates 87.65 - 88.19 within another full week of trade, where the market can top out into spring trade.
Downside Friday, closing below 77.59 signals 75.22 within several days, 72.15 attainable within a full week, where the market can bottom out on a weekly basis and the point to settle below for clearly indicating 67.14 long-term support over the following full week of activity.
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