WTI Light Sweet Crude Oil, DAILY Market Analysis 10/20/22

For Thursday, 84.77 can contain buying through the balance of the week, below a 78.43 long-term support is likely over the next several days. Downside Thursday, 82.07 can contain intraday selling, while breaking/opening below 82.07 allows 78.43 intraday, longer-term support able to contain selling through November, and above which the 97.99-100.26 region is attainable by the end of the year or sooner. Upside Thursday, closing today above 84.77 indicates 90.56 within 3-5 days, able to contain buying through next week and the level to settle above for yielding the more meaningful 97.99 - 100.26 region within 1-2 weeks.