Oil: Recovery in prices – BBH

Analysts at BBH point out that after falling more than 10% in the previous two weeks, April crude recovered 4.3% last week.  

Key Quotes

“It initially retested the previous week's low near $58 a barrel and climbed to almost $62.00 before the weekend. It stalled near the 50% retracement of the decline since the start of the month.   The 61.8% retracement and the 20-day moving average comes in a little below $63.00.  The Slow Stochastic is turning higher and the MACDs are poised to do so in the coming days.”