Oil has blasted back to the 80's, one of the only asset classes in our reports that is showing some strong bull conviction. We rejected 78.90 and returned to the range that we were holding in the 77's briefly, before getting a boost back through 78.90, to claim the 80 handle once more. Currently, we are seeing the price potentially top out for now, with two red triangles on the KRI just below 80.70. The Kovach OBV has leveled off which suggests that we have reached a top for now. Anticipate some ranging or perhaps another retracement before another run for higher levels in the 80's with 81.30 the next target. If we retrace, 78.90 should be considered the floor for now.
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