Oil has picked up, testing relative highs. We seem to be having trouble reestablishing the $120's, with $119 being the upper bound for now. The Kovach OBV has picked up, but does not seem sufficient to indicate a significant rally to hit relative highs at $122. In fact, we are looking a bit top heavy so anticipate a retracement back to support at $116, $113, or $111. Any retracement should be considered purely technical and we have no reason to believe that oil will give up the $100's any time soon. Our next target is $122 if momentum reignites.
Interesting - gunslinger standoff for traders, intensified by force escalation by a sense of (partially-informed, semi-blind) righteousness, with possibly more of the world seeing themselves on the receiving end? There could be an eruption of peace to blow the oil price structure to smithereenes? If not, high oil may trash reserve currency status of US$? Or fusion - perhaps not still 30 years away, even if it might be. Just like a Clint Eastwood old-days movie.
quantguy
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@Bill_Howell, I don't see a resolution to the oil conundrum. If anything there are a series of convergent factors which are all exacerbating the issue