Oil: Sharp move, probably on the upside coming? - Natixis

Sandeep Kanihama FXStreet Contributor

In view of the Micaella Feldstein, Research Analyst at Natixis, the daily volatility has remained very low for Brent since December, which is a forerunner of a sharp move, probably on the upside considering the buy signals on the daily indicators.

Key Quotes

“The pick up of the weekly indicators also pleads for an extension of the rally in the coming days.”

“Against this backdrop, we’ll keep a lookout at the resistances at 5757.10 (daily Bollinger upper band) whose break would add weight to our bullish view, unleashing strong upside potential to 58.10-58.30 (Fibonacci extensions), to 60.20 (monthly Bollinger upper band) and even to 61.20 (weekly Bollinger upper band).”

“The supports lie at 55.85, at 54.50-54.70, at 53.15 and at 52.20.”

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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