Oil pivoted nicely off of $111, after peaking at around $120. We hit resistance here, and retraced, however we can identify no fundamental reason why oil should test lower prices. The $100's are here to stay for the foreseeable future. We did get a nice pivot from $111, which took us back to our level at $116 at the time of this writing. If we are able to break out further, we must cross $120, before we are able to test our next target at $122.
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