Brent Oil to face tough resistance at the $60.00 February 2020 high – Credit Suisse

Brent Crude Oil keeps rallying and strategists at Credit Suisse stay biased higher for $59.82/60.00 initially before $71.75. 

Key quotes

“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.”