Oil Recovers $80

Oil has blasted up from support in the high 70 handle to attain $80 again. We have risen past resistance at 80.00, and have already broken through several levels of resistance in the 80 handle. Currently, we are hovering around 81.63, just above the nearest level at 81.30. We are holding a narrow range, which is understandable after breaking through to the 80's which have provided significant resistance thus far. If we retrace, then 80.00 should provide support, but we have several levels in the high 70's if this does not hold, with 77.56 being a floor for now. The next target is 83.21 if we catch another rally. The Kovach OBV barely dipped off the retracement to the 70's, and has regained full bull strength.