Brent Oil to extend its losses to the $64.60 mark – Credit Suisse
|Brent Crude Oil needs in the view of strategists at Credit Suisse to be watched closely having already fallen sharply below its key long-term 200-day moving average (DMA) at $72.84. The black gold could fall as low as $64.60.
Below $64.60 to trigger a top with next key supports seen at $61.25/60.27
“Brent Crude Oil has dropped sharply below the 200-DMA, currently at $72.84, as well as below the previous $71.38 breakout point. Next support is seen at $64.60, which is the recent August low, which we would expect to provide a floor at the very latest.”
“The market has lost quite some upside momentum due to the recent setback and expect more of a volatile sideways range during the next 1-3 months.”
“Below $64.60 would trigger a top with next key supports then seen at $61.25/60.27, which is the 50% retracement of the whole November 2020/October 2021 upmove.”
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