WTI is completing a micro-term base: BofA Merrill Lynch

Quotes from BofA Merrill Lynch:

- While 16yr trendline support (now 46.24) has arrested the decline, WTI has failed to make any meaningful upside, particularly when compared to the price action in HO and RB. 

- In the near-term however, watch 50.88 (CLJ5). A break would complete a micro-term base and expose the confluence of resistance between 54.78/55.05.