WTI Light Sweet Crude Oil, DAILY Market Analysis 4/6/23
For Thursday, the 80.78 - 81.01 region can contain buying through April activity, below which 71.67 is likely over the next 3 - 5 weeks, possibly lower into summer activity.
Downside Thursday, 78.08 can contain session weakness, while closing below 78.08 signals 74.55 within several days, dropping daily and able to contain selling through the balance of next week.
Upside Thursday, pushing/opening above 81.01 signals 83.01, while a weekly settlement today at or above 81.60 (1% beyond 80.78) would indicate 88.58 within several weeks, 97.76 within 2 - 3 months.
Downside Thursday, 78.08 can contain session weakness, while closing below 78.08 signals 74.55 within several days, dropping daily and able to contain selling through the balance of next week.
Upside Thursday, pushing/opening above 81.01 signals 83.01, while a weekly settlement today at or above 81.60 (1% beyond 80.78) would indicate 88.58 within several weeks, 97.76 within 2 - 3 months.
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