Can OPEC Counter Oil's Decline??
Updated
Oil has edged up as OPEC has pledged to compensate for demand woes. We are seeing resistance from 69.67, a relative high. Several red triangles on the KRI are popping up on the chart, indicating we are running into some resistance. The Kovach OBV is still bearish, to the point we are severely oversold, so a relief rally could easily take us 200 ticks higher, though 72.99, the next relative high, should provide significant resistance. From below, 62.80, the relative low, should be considered a min lower bound for now.
Note
Despite optimism from OPEC, oil has rejected its attempt at higher levels. It's currently holding onto $66 by a thread, but could go as low as $64.86 (relative lows) before close.
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