Brent Oil is on the way to the 2020 high at $71.75 – Credit Suisse
|Brent Crude Oil stays on course for the 2020 high at $71.75, despite the current pullback, strategists at Credit Suisse appraise.
Key quotes
“Brent Crude is seeing a near-term pause but with a bull ‘flag’ continuation pattern in place, this is seen as a temporary and healthy breather ahead of further strength to the $71.75 high from last year. Whilst a fresh pullback below here will be looked for, a break can see next resistance at $79.10, the ‘measured flag objective’.”
“Support is seen at $62.09 initially, below which can see a minor top for a fall back to $57.42, potentially $54.60/48, which we look to hold.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.