Brent Crude established a base a while ago although the rally is struggling near-term with trend resistance from June just below the $45 level capping. Strategists at Credit Suisse maintain a higher bias with the black gold rising to $47.71.
Key quotes
“We continue to give the upside the benefit of the doubt for now though with resistance seen next at $45.18/50 and then more importantly at the 200-day average at $47.71, which we look to then cap. A direct and closing break can see resistance next at the 61.8% retracement of the Q1 fall at $50.45.”
“Support at $41.32 now ideally holds to keep the immediate risk higher. Below would warn of a fall back to $37.01, potentially $33.62.”
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