WTI Light Sweet Crude Oil, DAILY Market Analysis 4/12/23
For Wednesday, the 80.17 - 80.82 region can contain selling through the rest of the week, above which 83.01 is likely over that time horizon.
Overall, yesterday’s settlement above 80.82 may well have longer-term bullish implications, with a weekly settlement Friday above 80.82 clearly indicating 88.39 within 2 - 3 weeks, 97.14 within 2 - 3 months.
Downside Wednesday, 79.92 can contain session weakness, while closing below 79.92 indicates a good high for the week, 75.14 then expected within 3 - 5 days, 71.03 attainable by the end of May.
Overall, yesterday’s settlement above 80.82 may well have longer-term bullish implications, with a weekly settlement Friday above 80.82 clearly indicating 88.39 within 2 - 3 weeks, 97.14 within 2 - 3 months.
Downside Wednesday, 79.92 can contain session weakness, while closing below 79.92 indicates a good high for the week, 75.14 then expected within 3 - 5 days, 71.03 attainable by the end of May.
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