Brent Crude Oil has returned below its averages. Credit Suisse strategists expect further weakness from here.
Only a solid rally above $93.78/$102.57 would improve the technical picture
“Brent Crude Oil has returned below key moving averages and we expect further weakness towards the 50% retracement of the entire 2020/2022 up move at $77.56. If this level is broken as well, we identify the next support levels at $65.72, the December 2021 low, and then at $63.02, the 61.8% retracement, where we would expect a more sustainable consolidation/counter-move to set in. However, below would open the door to the low of March 2021 at $60.27″.
“Only a solid rally back above the crucial intersection of the 55 and 200 day moving averages, currently seen at $93.78/$102.57, would again improve the technical picture, which is not our base case.”
Source: Fx Street
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