WTI Light Sweet Crude Oil, DAILY Market Analysis 3/28/23
For Tuesday, 71.83 can contain selling through the balance of the week, above which 76.01 attainable over that time horizon.
Overall, a weekly settlement at or above 72.55 (1% beyond 71.83) would neutralize the recent long-term sell signal, and with that 81.40 longer-term resistance becomes a 3 - 5 week objective.
Downside Tuesday, breaking/opening below 71.83 allows 68.05 intraday, while closing back below 71.83 will keep 65.30 in reach by the end of next week, 57.88 by contract expiration.
Overall, a weekly settlement at or above 72.55 (1% beyond 71.83) would neutralize the recent long-term sell signal, and with that 81.40 longer-term resistance becomes a 3 - 5 week objective.
Downside Tuesday, breaking/opening below 71.83 allows 68.05 intraday, while closing back below 71.83 will keep 65.30 in reach by the end of next week, 57.88 by contract expiration.
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