Brent Crude Oil keeps rallying and strategists at Credit Suisse stay biased higher for $59.82/60.00 initially before $71.75.
“Brent Crude maintains its weekly close above the $46.53 August high and we stay biased higher, with resistance seen next at our objective of the 78.6% retracement and February 2020 high at $59.82/60.00, which we expect to prove a tougher barrier.”
“Should strength directly extend, this can expose the $71.75 high from last year. Next resistances could then be identified at $75.60 and $86.74, the crucial October 2018 high.”
“Support is seen at $49.20 initially, below which can ease the immediate upside bias for a setback to the 63-day average at $46.98, but with fresh buyers expected here.”
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.