Oil Maintains Broad Range
Oil rejected 113, and came crashing down through support at 106. It penetrated the vacuum zone between 101 and 106, but has since found support around 104, confirmed by green triangles on the KRI. We have subsequently seen a pivot back to 108, but appear to be finding resistance confirmed by a red triangle on the KRI. If momentum continues then the next target is 111. It is likely that we will begin to equilibrate in the broad range between 101 and 113, so watch these levels for a potential mean reversion trade.
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