Oil: Daily volatility of WTI has increased sharply - Natixis

According to Micaella Feldstein, Research Analyst at Natixis, the daily volatility of WTI has increased sharply and the daily indicators have recovered markedly.

Key Quotes

“Besides the weekly stochastic has picked up and an important technical threshold at 51.70 (9-week moving average) has been eroded. Against this backdrop, a larger recovery appears very likely in the coming sessions.”

“A break of the resistance at 53.30 (weekly Bollinger moving average) would add weight to our bullish view, providing fresh bullish momentum towards 54.45-54.65 (weekly parabolic and declining trendline) and to 56.20 (Fibonacci extension).”

“The supports stand at 51.70, at 50, at 49, at 48.30 and at 47.10-47.30.”