Oil Rally Lets off the Gas
Oil has retraced a bit, after a fresh burst of momentum took us past 116. We appeared to be gunning for 122, but lost momentum in the middle of the vacuum zone, with several red triangles on the KRI suggesting that the rally was encountering resistance in this area. Subsequently, we smashed through 116, finding support just above 113. Currently, we are meeting resistance from 116. We are still bullish of oil, but it may range around these relative highs before momentum reignites.
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