Brent Oil: Scope for a rally to the $100 landmark – Credit Suisse

Brent Crude Oil is moving to new YTD highs and seen on course to test its 2018 high. Strategists at Credit Suisse note that Brent Oil could have potential to hit the $100 level.

Initial support moves to $79.08 

“Brent Crude Oil has moved to a new high for the year and now achieved its June ‘measured triangle objective’ at $82.50 and stays seen on course for the 2018 high at $86.74, which we expect to cap, at least temporarily.”

“Bigger picture, a weekly close above $86.74 would further increase upward pressure with resistances then seen next at the long-term downtrend from 2008 and psychological level at $89.00/$90.00. Whilst we would expect a fresh cap here, a break can see strength extend to $100.”

“Support moves to $79.08 initially, then $77.50, with the 55-day average at $74.18 ideally holding further weakness.”