Oil Digs into the Lower $90's

Jul 15, 2022

Oil dipped down further into the $90's, with a wick touching $92.03, as we have noted in these reports as the next level of support. We do appear to be pivoting nicely back to $95.24, but are bounded by $96.88. The Kovach OBV appears bearish, but does seem to have bottomed out, suggesting potentially that oil has reached a floor. If so, we expect it to shoot back up to the $100's. If not, we could retest $92.03. The next level after that is $90.06, which is our last technical level at the base of the $90 handle, before we dig into the $80's.