WTI Light Sweet Crude Oil, 7/31/23A two-sided framework continues through summer between 62.14 long-term support, and 81.61 long-term resistance, both regions able to contain seasonal activity.
Upside, 81.61 can contain buying into later year, once tested 62.14 attainable over the following 3 - 5 months, where the market can bottom out on a seasonal basis.
On the other hand, a weekly settlement above 81.61 indicates a good low for the year, 87.27 then expected within 3 - 5 weeks, 103.33 considered a 3 - 5 month target able to contain buying well into next year.
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For Monday, the 80.65 - 81.61 long-term resistance area remains can contain buying through summer activity, below which 73.40 is likely by the end of August, 62.14 attainable over the next 3 - 5 months.
On the other hand, closing today above 81.61 allows 84.52 within the week, while a weekly settlement Friday at or above 82.42 (1% above 81.61) would set off a buy signal into later year, 87.27 then expected within 3 - 5 weeks, 103.33 over the following 3 - 5 months.
Downside Monday, 78.12 can contain session weakness, while closing below 78.12 indicates a good high through next week, 74.83 - 75.41 then expected within 1 - 2 weeks, able to contain weekly selling pressures when tested and a meaningful downside continuation point into later August.
