Brent: Risks are on the upside - Natixis

Sandeep Kanihama FXStreet Contributor

As the daily stochastic of brent crude is overbought, Micaella Feldstein, Research Analyst at Natixis, sees some corrective decline in the ST towards a support at 51.35-51.50 (9-day moving average) and to 50.50.

Key Quotes

“These dips should enable the Brent to take a breather ahead of a new leg higher.”

“Indeed risks are on the upside with the emergence of upside parallels on the daily chart and bullish weekly indicators. We then expect another test of 54.80-55 (weekly Bollinger upper band) strong obstacles ahead of 57.20 (rising trendline), 60.70 and 63.20 (monthly Bollinger upper band).”

“The supports stand at 51.35-51.50, at 50.50, at 48.90, at 47.30 and at 44.60.”

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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