Brent: Cannot rule out a decline to 56.95 - Natixis

Sandeep Kanihama FXStreet Contributor

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.”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

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