Oil has rallied, breaking several resistance levels in the 76, and 77 handles. We have tested 78.90, but appear to be rejecting it. There are several red triangles on the KRI here, indicating strong resistance. Currently, we are in the middle of the range between 77.56 and 78.90. The Kovach OBV has leveled off suggesting we are seeking to establish value here. If we continue to rally and break 78.90, then the next target is 80.00, a significant psychological and technical level. From below 77.56, 76.93, and 76.16 should provide support.
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