Oil Attempts to Reclaim the $90's

Oil has dipped sharply, as we anticipated yesterday. We have tested 95.24 several times, but red triangles on the KRI have confirmed resistance at every attempt. Subsequently, a strong selloff took oil prices back to support at 88.74, the exact level we called out in our reports yesterday. Also, as we anticipated, we are seeing support here, with an attempt to regain the 90's. We are currently finding support just below our level at 90.06. The Kovach OBV is still strong, but does appear to be leveling off suggesting that we may be in a sideways corrective pattern between 88.74 and 95.21. If so, we anticipate prices to pick up and solidify the 90's again. If not, we will have further support from 87.21 and 85.55.