Oil: Risks still appear on the upside - Natixis

Micaella Feldstein, Research Analyst at Natixis, suggests that the risks still appear on the upside for WTI crude as the daily indicators have turned around and as the daily volatility tends to increase.

Key Quotes

“The buy signals on the weekly indicators also pleads for a larger rally in the coming sessions.”

“A break above 54.40-54.60 (daily Bollinger upper band) would add weight to this bullish view, unleashing strong upside potential to 56.30 (Fibonacci extension), to 57.20 (monthly Bollinger upper band) and even to 58.60-58.80 (Fibonacci extensions). The supports stand at 53.30, at 52-52.20, at 50.80 and at 48.90.”