19 Jan 2015
Oil a bottomless pit? - BBH
FXStreet (Barcelona) - Analysts at Brown Brothers Harriman explained that after setting new lows early last week, oil prices stabilized just off the trough over the last few sessions.
Key Quotes:
"Technical indicators we look at like the RSI, MACDs, and Stochastics suggest there is room for further consolidation".
"The front-month March futures contract was turned back from its 20-day moving average on January 15. It has not closed above this average since late September".
"It is found now near $51.80 and is still falling. Despite having fallen to $44.80 on an intra-day basis, the March contract has not closed below $46".
Key Quotes:
"Technical indicators we look at like the RSI, MACDs, and Stochastics suggest there is room for further consolidation".
"The front-month March futures contract was turned back from its 20-day moving average on January 15. It has not closed above this average since late September".
"It is found now near $51.80 and is still falling. Despite having fallen to $44.80 on an intra-day basis, the March contract has not closed below $46".