WTI Light Sweet Crude Oil, DAILY Market Analysis 1/18/23
For Wednesday, 77.92 can contain selling into later week, above which 82.95 is attainable over the next 3 - 5 days, where the market can top out through next week, once tested 72.22 attainable within several weeks.
Upside Wednesday, a daily settlement above 82.95 signals 87.57 within a full week of activity, where the market encounters longer-term resistance able to contain buying into spring activity.
Downside Wednesday, closing below 77.92 shifts short-term momentum negative, 72.22 then likely 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.
Upside Wednesday, a daily settlement above 82.95 signals 87.57 within a full week of activity, where the market encounters longer-term resistance able to contain buying into spring activity.
Downside Wednesday, closing below 77.92 shifts short-term momentum negative, 72.22 then likely 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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