Bank of America Merrill Lynch Technical Strategy Research notes that WTI Oil price is attempting to begin a tactical bounce as we head into a short lived period of seasonal strength.
“The first couple weeks of July might offer some temporary relief. We see resistance at $44.09, $45.50 and $46.75. A move through $46.75 and the declining 50d SMA could weaken the bearish technical picture,” BofAML adds.
At this time, BofAML prefers to sell into such a bounce targeting a move back into the $30’s toward the 61.8% retracement of $37.20.
Source: Bank of America Merrill Lynch Rates and Currencies Research
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