WTI Light Sweet Crude Oil, 7/6/23
For Thursday, 69.55 can contain session weakness, above which 72.80 remains a 2 - 3 day target able to contain buying into later week, and the point to settle above for yielding the more meaningful 77.20 within 1 - 2 more weeks.
Downside Thursday, closing below 69.55 signals another test of 67.08 within several days, able to contain weekly selling pressures and above which 77.20 is attainable over the next 3 - 5 weeks.
On the other hand, a daily settlement below 67.08 indicates 62.14 longer-term support within 2 - 3 weeks, where the broader market can bottom out through summer activity.
Downside Thursday, closing below 69.55 signals another test of 67.08 within several days, able to contain weekly selling pressures and above which 77.20 is attainable over the next 3 - 5 weeks.
On the other hand, a daily settlement below 67.08 indicates 62.14 longer-term support within 2 - 3 weeks, where the broader market can bottom out through summer activity.
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