Oil has rallied along with stocks. It has finally solidified the $41 handle. The next targets will be 41.23 and 41.64, which form the shoulders and head, respectively, of the head and shoulders from which oil broke, that we brought to your attention at the end of June. This rally looks weak, confirmed by the Kovach OBV, which is only meagerly trucking along. The Kovach Chande has started to turn, so watch for a potential retracement.

Oil looks a bit over extended

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