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21 May 2015
WTI holds key support, bullish view intact - BAML
FXStreet (Barcelona) - MacNeil Curry, CFA, CMT, Technical Strategist at BofA-Merrill Lynch, maintains his bullish view on WTI, targeting 69.04.
Key Quotes
“The Tuesday decline in WTI does some damage to our bullish view (from a momentum perspective), but is not compelling enough to negate it. Indeed, price has held the Double Bottom neckline at 58.37 (basis CLN5). It would take a sustained break of the Apr-22 low at 56.99 to negate the bullish view. Until then, we continue to target 69.04 (Double Bottom target).”
Key Quotes
“The Tuesday decline in WTI does some damage to our bullish view (from a momentum perspective), but is not compelling enough to negate it. Indeed, price has held the Double Bottom neckline at 58.37 (basis CLN5). It would take a sustained break of the Apr-22 low at 56.99 to negate the bullish view. Until then, we continue to target 69.04 (Double Bottom target).”