WTI Light Sweet Crude Oil, DAILY Market Analysis 11/11/22
For Friday, 88.34 can contain buying through next week, below which 82.56 remains a 3-5 day target, the 76.97-78.08 region expected over the next 2-3 weeks.
Downside Friday, 84.72 can contain intraday weakness, below which 82.56 is attainable intraday and able to contain selling into next week.
A daily settlement below 82.56 signals 78.08 within 2-3 days, the start of a range of targeted long-term support on the 76.97 able to contain selling into December activity.
Upside Friday, closing back above 88.49 will keep 95.77-96.36 long-term resistance in reach by the end of next week, where the market can top out through December, and a meaningful upside continuation region through the balance of the year.
Downside Friday, 84.72 can contain intraday weakness, below which 82.56 is attainable intraday and able to contain selling into next week.
A daily settlement below 82.56 signals 78.08 within 2-3 days, the start of a range of targeted long-term support on the 76.97 able to contain selling into December activity.
Upside Friday, closing back above 88.49 will keep 95.77-96.36 long-term resistance in reach by the end of next week, where the market can top out through December, and a meaningful upside continuation region through the balance of the year.
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