WTI Light Sweet Crude Oil 4/24/23

The 82.29 level can contain buying through May, below which 71.76 remains a 3 - 5 week target able to contain monthly selling pressures when tested, and the point to settle below for yielding the more meaningful 62.14 within 3 - 5 more weeks - where the broader market can bottom out through summer.

Upside, a weekly settlement above 82.29 signals 95.91 within 2 - 3 months, able to contain buying through summer activity and a meaningful upside continuation point into later year.

-

For Monday, 80.17 can contain weekly buying pressures, below which 76.20 remains a 3 - 5 day target able to contain selling into later week.

A daily settlement below 76.20 signals a good weekly high, the targeted 71.76 then expected by the end of next week, where the market can bottom out through May activity and a meaningful downside continuation point over the same time horizon.

Upside Monday, closing above 80.17 signals 82.29 within several days, long-term resistance able to contain buying into summer, and below which 71.76 remains a 3 - 5 week objective. Inversely, a weekly settlement above 82.29 would indicate 95.91 over the following 2 - 3 months.