Sideways Correction in Oil, with Bull Bias

Oil has retraced from the 90's to 88.74, as we anticipated in our reports. We are extending the sideways correction that started forming after we rejected relative highs in the 92's, currently inching up above 90.00, just barely. The Kovach OBV is still strong, but has started to level off as oil ranges. There isn't much data to support a further correction, especially after the IEA has stated that the market is 'tight' but if we selloff further, we should see support at 85.55. If we see more momentum for a bull run, then 92.03 must be broken once more before we can consider another new relative high.