Oil has broken out from the bull wedge it was forming all this week. We have broken past the upper bound at $120 and have hit our target at $122.95 to the tick. We met immediate resistance here confirmed by a red triangle on the KRI before retracing a bit, but the Kovach OBV seems strong so we do not expect much in the way of a retracement. If we do, $116 should provide support. It is likely we will see some consolidation here, but if we are able to break out from this high at $122.95, our next target is $126.50.
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