As discussed, oil broke down to test lower levels. It has since bounced back filling out the range, which is exactly what we said it would do. Although it is likely to continue this behavior, it looks technically weak; unable to make highs, and the Kovach OBV is looking bearish. Watch for resistance at $40, which it is likely to reject if it can test again. Watch for support at $38.96 or so. Check us out at Ghostsquawk if you’d like to hear more analysis!

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