Oil: Weak daily volatility should prevent the Brent from rallying markedly - Natixis

Micaella Feldstein, Research Analyst at Natixis, suggests that the weak daily volatility should prevent the Brent from rallying markedly in the coming days, all the more so as the weekly indicators have turned around.

Key Quotes

“Consequently, the resistance at 57.20 (daily Bollinger upper band) still sounds us toppish and we rather see a pullback to 53.80-54 (daily Bollinger lower band).”

“Caution will be in order as a break below this area would unleash strong downside potential to 51.10 (weekly Bollinger moving average) key threshold ahead of 49.80-50 (9-month moving average) and 47.75 (monthly Bollinger moving average).”

“The resistances are at 57.20, at 58.80-59, at 60 and at 61.50.”