WTI Light Sweet Crude Oil, DAILY Market Analysis 11/16/22
For Wednesday, 89.46 can contain session strength, below which 82.77 is attainable over the next several days, where the market can bottom out into next week.
A settlement today below 82.77 signals 78.29 within several days, the start of a range of meaningful support down to 76.48 able to contain selling through the balance of the year.
Upside Wednesday, closing above 89.46 signals 95.06 - 95.35 within several days, where the market can top out through the balance of the year, once tested the market prone to falling back to 76.48-78.29 within 3-5 weeks.
On the other hand, a settlement above 95.35 indicates 103.38 within several weeks, the broader market in reach of 110.10 over the next several months.
A settlement today below 82.77 signals 78.29 within several days, the start of a range of meaningful support down to 76.48 able to contain selling through the balance of the year.
Upside Wednesday, closing above 89.46 signals 95.06 - 95.35 within several days, where the market can top out through the balance of the year, once tested the market prone to falling back to 76.48-78.29 within 3-5 weeks.
On the other hand, a settlement above 95.35 indicates 103.38 within several weeks, the broader market in reach of 110.10 over the next several months.
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