Oil has retraced sharply from highs. After rejecting 95.24, we smashed through the 90 handle entirely, testing 88.77, where we appeared to find support as confirmed by several green triangles on the KRI. However, another selloff took us past this level to the next level of support at 87.21. We do appear to be finding support at this level at present, but if not, the next level down is 85.55. This still seems to be a reasonable technical retracement in the overall bull trend, but the Kovach OBV has started to tick downward with the selloff. If we can find support at current levels, then the 90's should provide resistance. But after 92.03 there is a vacuum zone back to 95.24, so momentum could have us return to this relative high quickly.
Join my discord at discord.io/quantguy
