Oil Stabilizes in the $100's

Oil has broken through resistance in the low 100's including 100 and 101, but momentum has fizzled before reaching our next target of 106. It appears that we are feeling out the price territory between 101 and 106, a fairly vast vacuum zone. Watch for oil to remain range bound between 101 and 106 as it establishes value here. If strong buying or selling comes through, then we should have support below from 100 and 101, but if that does not hold, then 95.24 is a very strong level and relative low. We anticipate 92.03 to be a floor price. If we can break through 106, then 113 is our next target.