Brent Crude Oil to extend its decline to 63.02 – Credit Suisse
|Brent Crude Oil has been on a choppy decline since early summer. In the view of strategists at Credit Suisse, the black gold has not seen the end of its decline.
Decline is not over yet
“The market remains well below its 55-Day Moving Average and 200DMA at 89.01 and 100.67, and with medium-term momentum declining and global growth concerns looming, we think further weakness is likely to follow.”
“Brent is likely in due course to see further downside towards the 61.8% retracement at 63.02, where we would have higher confidence of a more stable floor and for a consolidation phase to emerge.”
“Only a move above the 200DMA and the downtrend from the 2022 peak at 100.67/102.13 would see scope to stabilize the market and challenge our bearish outlook.”
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