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Analysts at Nomura explained that  Article 50  can be extended, but requires political will on both sides.  

Key Quotes:

“It would need unanimous approval from all EU member states and regional parliaments and the UK. How long it is extended for is another matter.”

“With EU elections in May 2019 and the next EU budget negotiations (for 2020  onwards)  it would be complicated as to how to treat the UK as an EU member in those negotiations without clarity on the post-Brexit situation.”

“In our view, it means that among policy circles the UK could be granted an extension, but it would be  time-limited, perhaps only extended by a few weeks.”