Oil Regains the Mid-$90's

12 Ogo 2022Oil has finally broken out, solidly reestablishing the $90's after spending a few days in the high $80's. We are still bound by $95.24, which has been our target and area of anticipated resistance since oil was in the $87's. We are seeing some red triangles on the KRI confirming strong resistance here. The Kovach OBV has picked up a bit, but it remains to be seen if we have enough strength to punch through the mid $90's and head back to the $100's. If we are able to break through $95.24, then $96.88 is the last level we must break before the $100's. If so, we should face resistance at $100 and $101.