Brent Oil accelerates higher, next stop at $71.75 – Credit Suisse

Brent Crude Oil has broken out above a whole host of medium-term resistance levels clustered between $59.82/60.00 and strategists at Credit Suisse look for a move to $71.75 next.

Key quotes

“Brent Crude has broken out forcefully from its bull ‘flag’ continuation pattern and has seen its expected break above the 78.6% retracement and February 2020 high at $59.82/60.00 to expose the $71.75 high from last year.” 

Whilst a pullback from the $71.75 mark should be allowed for, a break can see next resistance at $79.10, which is the ‘measured flag objective’.” 

“Key support remains seen at $54.60/48, which if broken would negate the flag. However, this is not our base case.”