Oil Rebounds

Oil has pivoted from $111, smashing through $113, and hitting our target of $116. We are showing definite signs of strength as there really are not any fundamental factors that could indicate otherwise, however we do seem to be having issues reclaiming the high at $122. If we are able to break past $116 solidly, this is our next target. Otherwise expect support from $113, $111, and $108. The Kovach OBV has been somewhat oscillatory, so we anticipate levels to hold and the price action to range at current levels.