Brent Crude Oil closed beneath its 200-day common final week however nonetheless holds the 38.2% retracement of all the 2020/2022 uptrend at $92.09. A transfer beneath right here is seen as wanted to bolster ideas of an essential flip decrease, strategists at Credit score Suisse report.
A high has not but been confirmed
“A transparent drop beneath the 38.2% retracement of all the 2020/2022 uptrend at $92.09 is required to bolster ideas of a high with help seen subsequent at $86.70, which is the October 2021 excessive. Nevertheless, this isn’t our base case for now.”
“Close to-term resistance is seen at current hole resistance at $104.43/106.90, which we’re biased to cap.”