Oil Testing Highs

2022年1月13日

Oil has strengthened on stronger demand prospects. We have hit our price target at 83.21, as we discussed yesterday. Two red triangles on the KRI suggest that this is an upper bound for now, but if the bull rally continues, we could easily break through to the next price target, which have gathered from Fibonacci Extension levels at 83.76. The Kovach OBV is still very strong, although it may be starting to level off. We are seeing strong support from 82.13, confirmed by two green triangles on the KRI, but if we retrace further, we should see further support from 81.30, 80.70, and 80.00.