Brent Crude Oil is in an overall downtrend – Credit Suisse
Brent Crude Oil is still holding its 2023 lows but remains in a clear downtrend, in the view of strategists at Credit Suisse.
Break above 55-DMA and recent high at $78.66/67 would point to another swing higher
With medium-term momentum still negative and with the market still below sharply falling medium-term moving averages after holding below the 55-DMA and range top at $78.66/67 post the OPEC+ supply cut, we still view the market as in an overall downtrend, albeit one that is slowing, and we, therefore, stay biased towards a break below $71.28/70.12 in due course.
Above the 55-DMA and recent high at $78.66/67 would in contrast point to another swing higher towards more important resistance, which remains at the 200-DMA, a key price high and potential downtrend at $84.53/87.49.
Forex News
Keep up with the financial markets, know what's happening and what is affecting the markets with our latest market updates. Analyze market movers, trends and build your trading strategies accordingly.
