Oil has retraced sharply from highs at 95.24. A red triangle on the KRI has confirmed prohibitive resistance and we have sharply retraced, initially finding support at the next level below at 92.03. From here, we made a run for the next level below at 90.06, but have found support just above it. We have currently made an attempt to break past 92.03 again, but momentum appears to be waning. The Kovach OBV is still pretty strong, but we could be encountering overbought conditions. If so, anticipate a sideways correction around current levels, or a retracement down to 90.06 or 88.74. If momentum picks up, we will need to break 95.24 before we can achieve the next target of 96.88.
Join my discord at discord.io/quantguy
