WTI Light Sweet Crude Oil, 8/11/23
For Friday, the 81.49 - 81.64 area can contain selling through the balance of the year, above which 86.15 remains a 2 - 3 week target, 102.96 attainable by the end of the year.
In the more immediate vicinity, 84.14 can contain session strength, while closing above 84.15 indicates 86.15 within several days, able to contain weekly buying pressures - once tested the market susceptible to falling back to 81.49 long-term support within 1 - 2 weeks.
A daily settlement above 86.15 indicates 92.93 - 93.53 over the following 3 - 5 weeks, where the market can top out on a monthly basis.
Downside Friday, closing below 81.49 indicates a good August high, 78.02 then expected by the end of next week, 70.85 attainable by the end of September.
In the more immediate vicinity, 84.14 can contain session strength, while closing above 84.15 indicates 86.15 within several days, able to contain weekly buying pressures - once tested the market susceptible to falling back to 81.49 long-term support within 1 - 2 weeks.
A daily settlement above 86.15 indicates 92.93 - 93.53 over the following 3 - 5 weeks, where the market can top out on a monthly basis.
Downside Friday, closing below 81.49 indicates a good August high, 78.02 then expected by the end of next week, 70.85 attainable by the end of September.
Anthony Speciale, founder of Speciale Analysis offers an affordable approach for all traders to grow into their highest potential.
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