WTI Light Sweet Crude Oil, 7/20/23
For Thursday, 73.22 and contain selling through the balance of the week, once tested the 77.55 formation attainable again by the end of next week.
On the other hand, closing today below 73.22 signals 68.25 within 1 - 2 weeks, where the market can bottom out through August activity.
Upside Thursday, the 77.55 - 77.72 area can contain buying through next week, and below which 68.25 is attainable over the next several weeks.
On the other hand, closing above 77.72 signals 81.85 by the end of next week, longer-term resistance able to contain buying into later year and a significant upside continuation region over the same time horizon.
On the other hand, closing today below 73.22 signals 68.25 within 1 - 2 weeks, where the market can bottom out through August activity.
Upside Thursday, the 77.55 - 77.72 area can contain buying through next week, and below which 68.25 is attainable over the next several weeks.
On the other hand, closing above 77.72 signals 81.85 by the end of next week, longer-term resistance able to contain buying into later year and a significant upside continuation region over the same time horizon.
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