WTI Light Sweet Crude Oil, 7/21/23
For Friday, 73.24 and contain selling into later next week, once tested the 77.63 formation attainable again within a full week of activity.
On the other hand, closing today below 73.24 signals 68.25 within 1 - 2 weeks, where the market can bottom out through August trade.
Upside Friday, the 77.63 - 77.72 area can contain buying through next week, and below which the market prone to testing 68.25 over the next several weeks.
On the other hand, closing above 77.72 signals 81.85 by the end of next week, longer-term resistance able to contain buying into later year and a significant upside continuation region over the same time horizon.
On the other hand, closing today below 73.24 signals 68.25 within 1 - 2 weeks, where the market can bottom out through August trade.
Upside Friday, the 77.63 - 77.72 area can contain buying through next week, and below which the market prone to testing 68.25 over the next several weeks.
On the other hand, closing above 77.72 signals 81.85 by the end of next week, longer-term resistance able to contain buying into later year and a significant upside continuation region over the same time horizon.
Anthony Speciale, founder of Speciale Analysis offers an affordable approach for all traders to grow into their highest potential.
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