Brent Oil set to hit the $90.00 level – Credit Suisse
|Brent Crude Oil is approaching major resistance from its 2018 high and long-term downtrend between $86.74 and $88.95/90 – which economists at Credit Suisse expect to cap.
Initial support seen at $83.36
“Brent Crude Oil has risen further and remains on course for a test of the 2018 high at $86.74, which is the start of a very important technical resistance zone that stretches up to the long-term downtrend from 2008 and psychological level at $88.95/$90.00.”
“Our base case is for a cap at $88.95/$90.00 and we will be alert for any signs of a top forming in this zone. Whilst not our base case, a break can see strength extend to $100.”
“Support is seen at $83.36 initially, before $79.08 and then $77.50, with the 55-day average at $76.48 ideally holding further weakness.”
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