Oil Testing Lows Again, What to Expect??

Oil is pressing lower of reports of increased supply and weaker demand. We are currently testing a very important psychological and technical level at 80.00. We are seeing several green triangles here at 80.00 which is suggests strong support. If we are able to break down from here, then there is a vacuum zone below to 77.56. We have several technical levels above including 80.70, 81.30 and 82.13 which will all be targets if we can get a lift from 80.00. The Kovach OBV is pretty flat, so we will need to see momentum come through either way to determine oil's next move.