Oil: To Stage A Bounce We Prefer To Sell Into In Early July: Levels & Targets – BofAML

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 $30s toward the 61.8% retracement of $37.20.

Source: Bank of America Merrill Lynch Rates and Currencies Research

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from eFXNews http://feedproxy.google.com/~r/Efxnews/~3/J8OBzbx7dGQ/oil-stage-bounce-we-prefer-sell-early-july-levels-targets-bofaml

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