WTI Light Sweet Crude Oil, 6/2/23
For Friday, 70.59 can contain buying through next week, below which 67.16 remains a 3 - 5 day target, 62.14 expected within 3 - 5 weeks.
Downside Friday, 69.53 can contain intraday weakness, below which 67.16 is attainable intraday and able to contain session weakness.
A daily settlement below 67.16 allows 62.14 by the end of next week, where the market can bottom out on a monthly (possibly seasonal) basis.
Upside Friday, closing above 70.59 indicates 73.44 within 2 - 3 days, able to contain buying through next week and the point to settle above for indicating 82.93 long-term resistance within 3 - 5 more weeks.
Downside Friday, 69.53 can contain intraday weakness, below which 67.16 is attainable intraday and able to contain session weakness.
A daily settlement below 67.16 allows 62.14 by the end of next week, where the market can bottom out on a monthly (possibly seasonal) basis.
Upside Friday, closing above 70.59 indicates 73.44 within 2 - 3 days, able to contain buying through next week and the point to settle above for indicating 82.93 long-term resistance within 3 - 5 more weeks.
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