WTI Light Sweet Crude Oil, 7/27/23
For Thursday, the 77.96 level can contain selling through the balance of the week, above which 80.65 - 81.73 long-term resistance remains a 3 - 5 day target able to contain buying through summer activity.
A weekly settlement above 81.73 would set off a significant buy signal into later year, 103.70 then expected over the following 3 - 5 months.
Downside Thursday, closing below 77.96 indicates a good weekly high, 76.23 then expected within several days, 73.35 within 1 - 2 weeks, able to contain weekly selling pressures when tested and a meaningful downside continuation point into later August.
A weekly settlement above 81.73 would set off a significant buy signal into later year, 103.70 then expected over the following 3 - 5 months.
Downside Thursday, closing below 77.96 indicates a good weekly high, 76.23 then expected within several days, 73.35 within 1 - 2 weeks, able to contain weekly selling pressures when tested and a meaningful downside continuation point into later August.
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