WTI Light Sweet Crude Oil, 5/5/23
For Friday, 71.76 can contain buying into June, below which 62.14 remains a 1 - 2 week target.
Downside Friday, 67.12 can contain intraday weakness, while breaking/opening below 67.12 allows 62.14 intraday, where the broader market can bottom out into June activity, and the point to settle below for signaling the next long-term support level at 53.87 within 3 - 5 more weeks.
Upside Friday, a settlement today above 71.76 indicates a good May low, 81.48 long-term resistance then attainable within 3 - 5 weeks where the market can top out into later summer and a significant upside continuation point over the same time horizon.
Downside Friday, 67.12 can contain intraday weakness, while breaking/opening below 67.12 allows 62.14 intraday, where the broader market can bottom out into June activity, and the point to settle below for signaling the next long-term support level at 53.87 within 3 - 5 more weeks.
Upside Friday, a settlement today above 71.76 indicates a good May low, 81.48 long-term resistance then attainable within 3 - 5 weeks where the market can top out into later summer and a significant upside continuation point over the same time horizon.
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