WTI Light Sweet Crude Oil, DAILY Market Analysis 3/31/23
For Friday, 71.83 can contain selling through April, above which 75.97 remains 2 - 3 date target, 81.40 longer-term resistance in reach over the next 3 - 5 weeks (assuming we settled today 72.55 or higher - 1% beyond 71.83).
Upside Friday, 74.34 can contain intraday strength, beyond which 75.97 is likely intraday and able to contain buying into later next week.
A settlement today above 75.97 should yield the targeted 81.26 within 2 - 3 weeks, where the broader market can top out through spring.
Downside Friday, breaking/opening below 71.83 allows 70.10 intraday, while closing back below 71.83 will keep 65.22 in reach by the end of next week, 57.77 by contract expiration.
Upside Friday, 74.34 can contain intraday strength, beyond which 75.97 is likely intraday and able to contain buying into later next week.
A settlement today above 75.97 should yield the targeted 81.26 within 2 - 3 weeks, where the broader market can top out through spring.
Downside Friday, breaking/opening below 71.83 allows 70.10 intraday, while closing back below 71.83 will keep 65.22 in reach by the end of next week, 57.77 by contract expiration.
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