Oil has rebounded back to the $80 handle after briefly piercing into the 70's, finally finding support just above 77.56. We've since regained enough strength to solidify the 80's again, breaking our level at 82.13. We have several red triangles on the KRI suggesting we are encountering some resistance here. If this is the case, we may face resistance at 83.21, and potentially retrace back to 81.30 or 80.70. It will take a significant amount of momentum to break through to the vacuum zone back to highs at 85.55. Watch for oil to either range at current levels or to retrace to the support discussed.
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