Oil: Rallies cannot be ruled out in WTI - Natixis

Rallies cannot be ruled out in the WTI prices as the daily stochastic is close to the oversold territory but a return above the resistance at 48.80-49 (daily Bollinger moving average) sounds tricky, explains Micaella Feldstein, Research Analyst at Natixis.

Key Quotes

“The sell signals on the weekly indicators indeed plead for a deeper decline to a support at 45.80-45.95 (daily Bollinger lower band). We’ll be vigilant as a drop below this support would pave the way to 43.9044.05 (weekly parabolic) even to 43.05 (monthly parabolic).”

“The resistances lie at 48.80-49, at 50.55/70, at 51.50 and at 52.20.”