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Oil Bottoms Out
Oil has bottomed out at 106, and gotten a bit of a boost, pivoting back to the 110's. We met resistance just below our level at 111, then started to range and establish value between this level and 108. The Kovach OBV appears to have bottomed out and is starting to arc upwards suggesting a small bull divergence. If we are able to break out to higher levels, then 113 or 116 are the next targets, otherwise expect continued support from 108 and 106.
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