Brent Oil is on the cusp of breaking $71.38/75 highs for a fresh bull leg – Credit Suisse

Brent Crude looks to be close to breaking above the 2020 and YTD 2021 high at $71.38/75for the completion of a “triangle” continuation pattern and a resumption of its core bull trend, as strategists at Credit Suisse note.

Brent to see a correction lower on a break below $66.64

“Brent Crude is retesting resistance from the $71.38/75 highs of 2020 and 2021. A break above here should mark the completion of a fresh bullish ‘triangle’ continuation pattern for a resumption of the core bull trend for a move to the 2019 high at $75.60, then the ‘measured flag objective’ at $79.10.” 

“Support is seen at the 63-day average at $66.64, which ideally holds. Below here would trigger a tactical correction lower within the broader March/May range, but only below the $60.27 March low would warn of a (near-term) top.”