As discussed yesterday, oil formed an inverse head and shoulders pattern (with a slanted neck line) and broke out to higher levels, hitting our exact profit target of $106, where we are currently meeting resistance confirmed by a red triangle on the KRI. The Kovach OBV has picked up notably, but $106 is likely to be a barrier for now. Anticipate oil to range between $101 and $106 for now. If it breaks higher, $113 should be a ceiling for now. If we reject the $100's as we did earlier this week, then $95.24 should be a floor price.
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