WTI Light Sweet Crude Oil, DAILY Market Analysis 1/31/23

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For Tuesday, 78.40 can contain buying through the balance of the week, below which 74.08 is likely by the end of next week, where the market can bottom out into March expiration, and from there trade higher into that timeframe.

Downside Tuesday, a daily settlement below 74.08 indicates 68.42 within several more weeks, long-term weekly chart support able to contain broader market selling through spring trade.

Upside Tuesday, pushing/opening above 78.40 allows 80.26 intraday, while closing today above 78.40 indicates a good low for the week, 82.25 then attainable within several days, 84.16 perhaps by the end of next week, able to contain weekly buying pressures when tested.

Penafian

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