Brent Crude Oil is pushing above its downtrend from July at $73.69/85 after its earlier successful hold of its 200-day moving average (DMA) at $65.78. The black gold could surge above the $76.38/77.84 region, according to strategists at Credit Suisse.
“Brent Crude Oil extends its recovery after its recent successful hold of its key 200-DMA support at $65.78, and our bias remains for this to stay a solid floor.”
“A weekly close above $73.69/85 would see the downtrend from July broken, and recent highs cleared to add weight to our view that a floor is in place for a move back to the top of the range at $76.38/77.84 and higher in due course.”
“Below the 200-DMA and then the May/August lows at $64.60/57 would instead warn of a significant medium-term top.”