Oil Trends Lower, Rejecting Relative Highs

Oil has drifted further down, but has found support at 70.00, a psychological and technical level. We are finding some meager support here, and have started to drift back upwards. Oil is in a broad corrective phase from the rally we saw after the inverse head and shoulders breakout. The technicals are looking pretty stagnant for oil at the moment, with the Kovach OBV flat, and the Kovach Chande oscillatory. We should continue to see value form in the range between 68.96 (the neckline of our inverse H&S pattern) and relative highs at 72.99.