WTI Light Sweet Crude Oil, DAILY Market Analysis 1/30/23

In terms of the big picture, a long-term ceiling of resistance is located at 86.34, and floor support at 68.42.

At present, there is no clear indication that either will be tested unless 84.03 is violated upside, and 73.99 violated downside.

The 86.34 - 86.91 region can contain buying into spring trade, once tested the market susceptible to falling back to 68.42 within several months, where the market can bottom out into summer activity.

While a settlement above 86.91 would indicate several months bullish continuation to 103.32, able to contain annual buying pressures as well as a meaningful upside continuation point into later 2023.

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For Monday, 78.40 can contain selling into later week, above which 84.03 is attainable within 3 - 5 days.

Upside Monday, 82.61 can contain intraday strength, beyond which 84.03 is attainable intraday, able to contain weekly buying pressures and the point to settle above for yielding 86.91 longer-term resistance within 3 - 5 more days.

Downside Monday, breaking/opening below 78.40 allows 76.61 intraday, while closing today below 78.40 signals 73.99 by the end of next week, able to contain weekly selling pressures when tested and the point to settle below for yielding 68.42 long-term support over the following 3 - 5 days.