WTI crude: Weekly indicators are sending buy signals - Natixis

The daily stochastic for WTI crude has picked up and the weekly indicators are sending buy signals and besides, upside parallels are intact on the weekly chart, suggests Micaella Feldstein, Research Analyst at Natixis.  

Key Quotes

“The above pleads for new rallies to a resistance at 52.40 (declining trendline) whose break would unleash strong upside potential towards the 53.55 threshold (weekly Bollinger upper band) and to the 54.55 barrier (monthly Bollinger moving average).” 

“Against this backdrop, dips to 51.15 (daily Bollinger moving average) even to 50-50.20 (9-week moving average) will be seen as corrective.”