WTI Light Sweet Crude Oil, 6/20/23

A two-sided framework continues through summer between 62.14 long-term support, and 82.33 long-term resistance, both regions able to contain seasonal activity.

 

Downside, a weekly settlement below 62.14 indicates 53.87 within several months, longer term Fibonacci support able to contain selling into later year.

 

Upside, a weekly settlement above 82.33 indicates 94.67 within several months, able to contain annual highs.

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For Tuesday, the 67.08 - 67.54 region can contain weekly selling pressures, above which 74.29 remains a weekly target, 76.68 attainable within 2 - 3 weeks.

 

Upside Tuesday, 72.40 can contain intraday strength, while pushing/opening above 72.40 allows 74.29 intraday, able to contain buying into later week.

 

Closing today above 74.29 signals 76.68 within several more days, able to contain weekly buying pressures, possibly into later July.

 

Downside Tuesday, breaking/opening below 70.49 allows 67.08 - 67.54 intraday, able to contain weekly selling pressures and the area to settle below for indicating 62.14 longer-term support as a 1 - 2 week target.