Risks remain on the upside as bullish parallels have emerged on the daily chart for Brent and as upside parallels are intact on the weekly chart, according to Micaella Feldstein, Research Analyst at Natixis.
“Against this backdrop, dips should be seen as corrective and we anticipate a new leg higher to the 69.30 threshold (quarterly Bollinger moving average) ahead of the 70-70.20 barriers (daily Bollinger upper band).”
“The clearance of the latter resistances would provide fresh bullish impetus to 71.05-71.15 (Fibonacci extension) and to 72.80-73 (quarterly parabolic).”
“The supports stand at 68.30, at 66.80, at 65.90, at 64.05-64.20, at 62.30 and at 61.10-61.30.”
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