Oil Establishes a Range

Oil has been maintaining the range between $85.55 and $90.06. We anticipated a dip to $85.55 and support there, which was validated with this dip. However, oil appears to be continuing a sideways corrective pattern, as it establishes value just below the $90's. We anticipate higher oil prices, as no fundamentals indicate otherwise for now. But we must first break through $90.06 before attempting $92.03, the next target. If we retrace, we expect $85.55 to hold.