Brent Oil: At risk to break to new record highs above $147.50 – Credit Suisse

Brent Crude Oil has spiked sharply higher again. Strategists at Credit Suisse not only look for a test of the $147.50 record high but see no technical reason not to look for a move to new highs, with resistances then seen at $158.17, before $164/170.

Close below $118.05 to warn of near-term exhaustion

“We look for a test of the $147.50/50 record high and indeed see no reason to not look for a break above here and then $150 with Fibonacci projection resistance seen next at $158.17 and then the $164/170 zone.”

“We identify near-term support at the lower end of the price gap from the beginning of this week at $118.05. A close below here would warn of a near-term exhaustion with support seen next at $100, before the $96 February low.”

“We would expect the 55-day average, currently seen at $89.86, to floor the market.”