Brent Crude Oil has surged above the psychological $100 barrier as the uptrend accelerates sharply. This fresh upside momentum is set to continue and Brent could reach prices as high as the $147.50 record peak, strategists at Credit Suisse report.
Near-term support sits at the key psychological $100 zone, before the $96 recent February low
“We see next major resistances at the 2014 high at $115.71, which should be allowed to cap at first. A direct break though can see resistance next at the February 2013 high at $119.17 and then more importantly at March 2012 high at $128.40, where we would expect consolidation or correction lower the very latest.”
“Should strength directly extend above $128.40, we would see no reason not to look for a move back to the $147.50 record high.”
“Near-term support we identify at the key psychological $100 zone, before the $96 recent February low. We would expect the 55-day average, currently seen at $87.50, to floor the market.”