FXStreet notes that the Brent crude oil rally has stalled again, with weekly momentum deteriorating sharply. Nonetheless, strategists at Credit Suisse expect the black gold to eventually resume its rise to test the $77.84 at first.
“The deterioration in weekly RSI momentum is now of growing concern, but our bias remains to view consolidation as a temporary pause ahead of an eventual break higher.”
“A quick move back above $76.38 though is needed to stabilize the market for a test of the $77.84 high. Beyond here can curtail thoughts of a more prolonged correction with resistance seen next at our original bull ‘flag’ target at $79.10, then the ‘measured triangle objective’ at $82.50.”
“Below $71.74 would see bearish pressure start to increase further in line with the momentum picture for a test of the $68.3/67.44 recent low and trend support. Removal of here would warn of a more serious break lower, for a move to $64.57 next, with scope for the 200-day average at $61.65.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.