Oil is hugging lows after Biden has announced that he will start to use US oil reserves and also considered adding more ethanol to gasoline to fight soaring costs. Crude promptly dropped from where it was meandering in the 106-113 range. We are still finding strong support at 101 and 100, which are strong technical and psychological levels. The Kovach OBV has turned bearish but has since flatlined. We will not be able to crack through these levels unless more momentum comes through. If it picks up, then 106 and 113 are the next targets which must be broken again before we can consider highs then our next target of 132.
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