WTI Light Sweet Crude Oil, DAILY Market Analysis 11/7/22

For Monday, 88.90 can contain weekly selling pressures, above which 93.71 remains a 1-2 day target, the 96.32-96.36 region expected by the end of next week. Upside Monday, pushing/opening above 93.71 allows 96.32-96.36 intraday, a range of longer-term resistance able to contain buying through the balance of the year, once tested 76.97 attainable over that time horizon. A weekly settlement above 96.36 would, on the other hand, signal 110.72 by the end of the year, where the broader market can top out into next spring. Downside Monday, closing below 88.90 indicates a good weekly high, 81.61 then likely by Friday’s close, possibly yielding 76.97 by the end of November.

On the horizon, the 76.97 region can contain selling through November, above which 96.36 is attainable over that time horizon, able to contain buying through December and the region to settle above for signaling 1-2 months bullish continuation to 110.72, where the broader market can top out through winter activity. Downside, a weekly settlement below 76.97 indicates 63.29- 68.50 by the end of November or sooner, a narrowing zone of secondary long-term support able to contain selling into next spring.