Oil Rejects $80 for now

Oil has hit $80 again recently, but a red triangle on the KRI suggests that we have topped out at 80.70 for now. Since then, we have retraced to find support at 78.90. There is a vacuum zone after this level to the upper bound of the range we once held at 77.56. However, if 78.90 holds, then we could easily see highs again. It appears that oil may feel out its new price territory and establish value here. Watch for 80 as an upper bound, and 77.56 as a lower bound for now.