Market news

9 June 2021

Brent Oil to march forward to the 2018 high at $86.74 – Credit Suisse

FXStreet reports that Strategists at Credit Suisse discuss Brent Oil prospects. 

“Brent Crude Oil has now finally broken out from a further ‘triangle’ continuation pattern that has been forming since March and is now challenging the key 2019 and 2020 highs at $71.75/95. A weekly close above here would reinforce the existing ‘flag’ and now also ‘triangle’ pattern, whilst also suggesting we are seeing a much larger, longer-term base.” 

“We stay bullish for a clear break higher, with resistance above $71.95 seen next at $75.60, above which can reinforce a broader basing story for our original core bull ‘flag’ target at $79.10 and now we think the ‘measured triangle objective’ at $82.50.”

“Bigger picture, above $82.50 can expose the 2018 high at an even more distant $86.74 next, which we expect to cap the market at least temporarily.”

Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer.

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