Oil Hovers Under $100

Oil has edged upward, but is meeting lots of resistance in the high $90's, just below the target of $100. We edged past $100 briefly, only to retrace back to comfort at the base of the $99 handle at the time of this writing. The Kovach OBV is trending up, but appears weak, suggesting we will need more momentum to break through $100 definitively. Many red triangles on the KRI are signalling resistance here, so anticipate a rejection back to $95.24, or even $92.03. If we are able to break through the low $100's there is a vacuum zone to the next target of $106.