Oil took a big hit yesterday, but this should be understandable considering how much it has rallied. It appears to be an a 5 wave corrective phase, so watch for it to drift back up to test the 34 handle. If we are wrong, we could see another push down to the psychological and technical $30 level. The Kovach OBV has dropped off significantly, indicating oil has lost steam.

 

top oil trading

Oil remains rangebound, likely to complete a 5 wave corrective phase

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