Oil Bounces

Oil is climbing hitting our exact price target of 106 where we expected to see resistance. Sure enough, we are seeing a red triangle on the KRI to confirm the resistance. The Kovach OBV and Chande are very strong, indicating that we will likely retrace from this level, potentially finding support again at 100 and 101. But if we can break out, then 113 is the next target, which would be ambitious at this point.