Crude Oil Futures (Mar 2023)

WTI Light Sweet Crude Oil, DAILY Market Analysis 2/3/23

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For Friday, 74.39 can contain selling through next week, possibly through February trade, once tested the narrowing 84.37 - 86.70 region attainable within 3 - 5 weeks.

Upside Friday, 77.06 can contain session strength, while closing above 77.06 indicate 79.87 within several days, where the market can top out through the balance of next week.

A daily settlement above 79.86 signals 84.37 within 3 - 5 days, the start of a narrowing zone of longer-term resistance up to 86.70 able to contain buying into spring.

Downside Friday, closing below 74.39 indicates 68.42 within 1 - 2 weeks, long-term support able to contain selling through spring.

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