Brent Crude Oil to eventually resume its bull trend to the $71.38/75 highs – Credit Suisse

Brent rose 1.2% yesterday as the commodity continued to rebound off its support of $65. Strategists at Credit Suisse still look for Brent Crude to retest its $71.38/75 highs.

Support is seen at the 63-day average at $64.07  

“Brent Crude consolidation is still seen as temporary ahead of a retest of resistance from the $71.38/75 highs of 2020 and 2021. Furthermore, the strength in broader commodities should also keep Brent well supported. Although $71.75 may still cap yet, we continue to look for an eventual break for a move to $75.60, then the ‘“measured flag objective’ at $79.10.” 

“Support is seen at the 63-day average at $64.07. Below the $60.27 recent low though remains needed to warn of a deeper setback to test $57.77, potentially $54.60/48, which we look to hold.”