Brent Oil: Break above $147.50 record high to open up the $200 level – Credit Suisse
|Energy markets have surged dramatically higher again. Brent Oil has pulled back sharply to the low $120s but unless a close below $118, a break above the $147.50 record high posted in July 2008 is expected, strategists at Credit Suisse report.
Close below $118.05 needed to suggest an exhaustion peak
“Although a sharp intraday setback has been seen, we need to see a close below the lower end of the price gap from this morning at $118.05 to suggest we may have seen an exhaustion peak.”
“Above $147.50/$150 and we see resistance next at $158.17 and then the $164/170 zone. Beyond here and we see little in the way until $200.”
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.