WTI Light Sweet Crude Oil, 7/18/23

For Tuesday, 76.20 can contain daily buying pressures, below which the targeted 72.87 - 73.34 area is likely today, able to contain selling into later week and the region to settle below for then indicating 67.08 within 1 - 2 more weeks.

 

Upside Tuesday, closing back above 76.20 signals 77.77 within 1 - 2 days, able to contain weekly buying pressures, and below which 67.08 is attainable over the next several weeks.

 

On the other hand, closing above 77.77 signals 81.85 within 1 - 2 weeks, long-term resistance able to contain buying into autumn activity and a significant upside continuation region over the same time horizon.