WTI Light Sweet Crude Oil, DAILY Market Analysis 2/14/23

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For Tuesday, 77.57 can contain selling into later week, above which 83.51 remains a 3 - 5 day target.

Upside Tuesday, 81.63 can contain session strength, while closing above 81.63 signals the targeted 83.51 within 1 - 2 days, able to contain weekly buying pressures.

The 83.51 formation can also be considered the start of a wide zone of longer-term resistance up to 86.33 that can absorb buying through March trade, once tested the market prone to falling back over that time horizon.

Downside Tuesday, closing below 77.57 indicates a good weekly high, 75.12 then likely within several days where the market can bottom out through the balance of the week.

A daily settlement below 75.12 indicates 69.27 long-term support within a full week of activity.

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