WTI Light Sweet Crude Oil, DAILY Market Analysis 1/17/23
For Tuesday, 77.68 can contain selling into later week, above which 82.82 is attainable over the next 3 - 5 days, where the market can top out through next week, once tested 71.32 attainable within several weeks.
On the other hand, a daily settlement above 82.82 signals 87.57 within a full week of activity, where the market encounters longer-term resistance able to contain buying into spring activity.
Downside Tuesday, closing below 77.68 shifts short-term momentum negative, 73.47 then attainable within the week, 71.32 by the end of next week, where the market can bottom out on a weekly basis and if settled below would indicate 67.56 long-term support within another full week of activity.
On the other hand, a daily settlement above 82.82 signals 87.57 within a full week of activity, where the market encounters longer-term resistance able to contain buying into spring activity.
Downside Tuesday, closing below 77.68 shifts short-term momentum negative, 73.47 then attainable within the week, 71.32 by the end of next week, where the market can bottom out on a weekly basis and if settled below would indicate 67.56 long-term support within another full week of activity.
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