Oil Retraces to Support in the $90's

Oil topped out at just over $100 at the height of market panic over the Ukraine, but since it has retraced back to its comfort zone, finding support at $92.03. We are seeing strong support here from green triangles on the KRI, and a nice value area forming between $92.03 and $95.24 exactly, a previous high and former profit target. The Kovach OBV has crimped downward, suggesting the aggressive momentum has let up for now. We should see further ranging in the current value area but if not, $90.06 should hold. If we are able to break out, then $96.88 is tne next target, then there is a vacuum zone back to $100.