Brent: Cannot rule out a decline to 56.95 - Natixis
|Micaella Feldstein, Research Analyst at Natixis, suggests that since the daily stochastic for Brent is close to the overbought territory, they cannot rule out a decline to 56.95 (daily Bollinger moving average) even to 55.20-55.35 (daily parabolic).
Key Quotes
“These dips would enable the contract to gather momentum ahead of initiating a new leg higher to 58.50-58.70 (Fibonacci extensions) last obstacles ahead of 59.80-60 (monthly Bollinger upper band). Only a break of these last resistances would unleash strong upside potential, confirming a lasting rise to 62.60-62.80 (Fibonacci extensions) ahead of 65.70 (38.2% Fibonacci retracement of the 128.40-27.10 bearish wave / March 12 – Jan 16) and 66.90 (9 month moving average).”
“The supports are at 56.95, at 56, at 55.20-55.35 and at 53.70.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.