$100 Oil By Summer?? 😱

Oil is ranging in a sideways correction bounded from above by our target and highs of 88.74, and below by 87.21. We have seen support from this latter level as confirmed by a green triangle on the KRI, and a subsequent pivot back to attempt highs again. Currently, we are within inches of the high at 88.74, and the Kovach OBV has picked up notably. If we are able to break through, then 90.06 is the next target. If we are able to break out of this range, then $90 oil seems a reasonable target, as we have every reason to anticipate it will hit $100 by the summer.