Oil Retraces from Relative Highs

Oil picked up momentum falling just shy of our target at 95.24. We have since retraced back to support at 92.03, with a green triangle on the KRI signifying support just above this level. The Kovach OBV is still very strong, and we have no reason to believe that the bull rally should stop now. If we retrace further, watch 90.06 for further support. If momentum returns, then 95.24 must be broken again before we can consider new highs.