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- Brent oil to push higher after breaking its 2020 and 2021 highs - Credit Suisse
Brent oil to push higher after breaking its 2020 and 2021 highs - Credit Suisse
FXStreet notes that Brent crude oil completed a bullish “triangle” continuation pattern in Q2 as well as breaking the key 2019 and 2020 highs at $71.75/95 also suggesting we are seeing a much larger, longer-term base. Therefore, strategists at Credit Suisse stay bullish with the next resistance at $75.60.
“We stay bullish with resistance seen next at $75.60, above which can reinforce a broader basing story for our original bull ‘flag’ target at $79.10, then the aforementioned ‘measured triangle objective’ at $82.50.”
“Bigger picture, above here can expose the 2018 high at an even more distant $86.74 next, which we expect to cap the market at least temporarily.”
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