Brent Crude Oil is in an overall downtrend – Credit Suisse

Brent Crude Oil is still holding its 2023 lows but remains in a clear downtrend, in the view of strategists at Credit Suisse.

Break above 55-DMA and recent high at $78.66/67 would point to another swing higher

With medium-term momentum still negative and with the market still below sharply falling medium-term moving averages after holding below the 55-DMA and range top at $78.66/67 post the OPEC+ supply cut, we still view the market as in an overall downtrend, albeit one that is slowing, and we, therefore, stay biased towards a break below $71.28/70.12 in due course. 

Above the 55-DMA and recent high at $78.66/67 would in contrast point to another swing higher towards more important resistance, which remains at the 200-DMA, a key price high and potential downtrend at $84.53/87.49.