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WTI exposed to serious downside risks – Goldman Sachs

Analysts at Goldman Sachs are out with their technical outlook on the US oil (WTI), as we head into a new trading week, pointing to serious downside risks.

Key Quotes:

“Oil has breached 51.67 interim high from June 2016.

Contact with 51.67 diminishes any possibility that this might be a 4th of 5-waves from early-'16.

In effect exposes serious downside risks.

It's now possible to argue that the entire rise from the '16 lows was counter-trend.

... In terms of levels to be aware of, WTI is currently testing 50% retrace at 51.47. The next retrace to note is 61.8% all the way down at 45.47. 

Worth pointing out that monthly oscillators are coincidently breaking below the base of a three-year bull range, supporting the view that further weakness is likely on the cards.

View:

Initial congestion 51.47-50.00.

Next notable support 45.47.

Reassess above 56.55.”

 

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