WTI Light Sweet Crude Oil, 5/3/23

For Wednesday, 71.76 can contain selling through May, above which 81.48 long-term resistance is attainable by the end of June or sooner. Upside Wednesday, 73.98 can contain intraday strength, beyond which 75.45 is likely intraday and able to contain session strength. Closing today above 75.45 indicates a good weekly low, 81.48 long-term resistance then attainable by the end of next week, where the market can top out into June and a significant upside continuation point into later summer. Downside Wednesday, breaking/opening below 71.76 signals 71.03, able to contain intraday selling yet below which 67.12 is attainable by the closing bell. Overall, a daily settlement below 71.76 would signal 62.14 over the next 3 - 5 weeks.