Oil: Deeper decline in the coming sessions for Brent? - Natixis

Micaella Feldstein, Research Analyst at Natixis, suggests that caution is in order for Brent as the increase in the daily volatility, the sell signals on the daily indicators and bearish weekly indicators suggest a deeper decline in the coming sessions.

Key Quotes

“We’ll watch out the support at 50.50-50.65 supports (daily Bollinger moving average) whose break (on daily close)  would add weight to this bearish view, unleashing strong downside potential to 49.20 (Fibonacci extension) and the 47.30 threshold  (monthly Bollinger moving average). Only a return above 53.70 (daily Bollinger moving average) would affect this bearish view.”