Oil continues to range in a sideways corrective Elliott Wave as we have noted. In the long term, it is likely to remain in the ~300 tick range between the psychologically and technically significant $40 level, and $43.42. Mid term, you can watch $41.64 and $42.48. It is likely to continue to range between these levels. The Kovach OBV has flat lined confirming the ranging behavior. The Kovach Chande will be useful to determine entry and exit points on mean reversion trades. It's an oscillator so watch for turning points to confirm entry.
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