WTI Light Sweet Crude Oil, DAILY Market Analysis 3/23/23
For Thursday, 67.92 can contain session weakness, above which 71.41 remains a 2 - 3 day target able to contain buying through spring.
Holding below 71.41 will keep 58.22 in reach over the next 3 - 5 weeks, the broader market in reach of 53.87 over the next several months, while a weekly settlement tomorrow above 71.41 would neutralize last week’s long-term sell signal, and with that 82.02 becomes a 3 - 5-week objective.
Downside Thursday, closing below 67.92 indicates 65.53 again tomorrow, able to contain selling through next week and the point to settle below for yielding the targeted 58.22 within 1 - 2 more weeks.
Holding below 71.41 will keep 58.22 in reach over the next 3 - 5 weeks, the broader market in reach of 53.87 over the next several months, while a weekly settlement tomorrow above 71.41 would neutralize last week’s long-term sell signal, and with that 82.02 becomes a 3 - 5-week objective.
Downside Thursday, closing below 67.92 indicates 65.53 again tomorrow, able to contain selling through next week and the point to settle below for yielding the targeted 58.22 within 1 - 2 more weeks.
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