Brent Oil to suffer further weakness towards $77.56 support – Credit Suisse

Brent Crude Oil has seen a clear break below the crucial $92.09/91.90 support area. Strategists at Credit Suisse expect further weakness toward the 50% retracement of the whole 2020/2022 upmove at $77.56.

Brent Crude Oil is under pressure

“We expect further weakness toward the 50% retracement at $77.56. If this level would break as well, we then identify next support levels at $65.72, the December 2021 low and then $63.02, the 61.8% retracement, where we would expect a more sustainable consolidation/countermove to be established.”

“Only a solid rise back above the crucial intersection of the 55 and 200-day averages, currently seen at $96.76/101.61, would improve the technical picture again, which is not our base case.”