WTI Light Sweet Crude Oil, 8/3/23
For Thursday, the 80.65 - 81.61 long-term resistance area can contain buying through summer activity, below which 76.57 is likely within 1 - 2 weeks, 62.14 attainable over the next 3 - 5 months.
On the other hand, closing today above 82.42 signals 84.44 within the week, while a weekly settlement tomorrow at or above 82.42 (1% above 81.61) would set off a buy signal into later year, 87.27 then expected within 3 - 5 weeks, 103.33 within 3 - 5 months.
Downside Thursday, 78.56 can contain intraday weakness, while breaking/opening below 78.56 indicates 76.57 - 77.37 intraday, able to contain weekly selling pressures and the point to settle below for then indicating 70.40 over the next 2 - 3 weeks.
On the other hand, closing today above 82.42 signals 84.44 within the week, while a weekly settlement tomorrow at or above 82.42 (1% above 81.61) would set off a buy signal into later year, 87.27 then expected within 3 - 5 weeks, 103.33 within 3 - 5 months.
Downside Thursday, 78.56 can contain intraday weakness, while breaking/opening below 78.56 indicates 76.57 - 77.37 intraday, able to contain weekly selling pressures and the point to settle below for then indicating 70.40 over the next 2 - 3 weeks.
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