Oil has gotten support from just above $116, which we anticipated to hold as a lower bound. It hit our target of $122 before a technical retracement brought us back to lower levels. We knew this would only be transient and sure enough, oil is back to relative highs, just a few ticks below our level at $122.95. The Kovach OBV is still strong, so there is no reason to expect a retracement past $116. We may play the range a bit, so watch $122.95 for resistance. If we are able to break it the next level is $126.50.
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