Oil technical analysis from Societe General
Oil charts are oversold in the long and short term but there have been no meaningful signs of price stabilization yet, analysts at SocGen say.
WTI is probing the multi-year level of $37.00 which represents the highs in 2000 and 1990
while 2009/2008 lows are located at $33/32, they say.
They note triangle support at $35.50 but if that gives way it would target $32, which was the crisis low.
They now see $40 as resistance.
