Brent: Dips cannot be ruled out – Natixis

According to Micaella Feldstein, Research Analyst at Natixis, dips cannot be ruled out in the next days for brent but the weak daily volatility should limit the downside, all the more so as an upside channel is still intact on the daily chart and as the weekly indicators have turned around.  

Key Quotes

“Against this backdrop, the Brent should eye a resistance at 53.35 (daily Bollinger upper band) strong obstacle ahead of 54.95-55.10 (weekly Bollinger upper band). The break of this last barrier will be needed to initiate a lasting rally to 57.20 (Fibonacci extension), to 58.30 (around last January high) and 60.40 (montly Bollinger upper band).” 

“The supports lie at 50.30/55, at 48.50, at 47 and at 45.25/40.”