Brent Oil to suffer a steep decline on a break below the $67.44 July low – Credit Suisse
|Brent Crude Oil remains under pressure with weekly RSI momentum now holding a clear top to warn of a potential price top also. Strategists at Credit Suisse warn of a deeper fall on a break below the $67.44 July low.
Move above $72.43 is needed to ease the pressure off
“Below the $67.44 July low would warn of a more serious break lower, for a move to $64.57 next, with scope for the 200-day average at $62.40, with buyers then expected here.”
“Above $72.43 is needed to ease the pressure off the $67.44 July low for a recovery back to the top of the range at $75.78/77.84.”
“Weekly RSI momentum holds a top and a bearish divergence, increasing the risk for a top in the market also.”
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