Will the $80's Hold for Oil?

Oil has weakened with the price action rounding off at $83.21. We are currently seeing support at the base of the $80 handle with the level at $80.00 holding strong for now. We have several green triangles on the KRI confirming support. The Kovach OBV has dipped with the selloff, and we will need more momentum to come through in order to establish higher levels. If we break down further, then $78.90 or $77.56 are the next levels where we can anticipate support.