Brent Oil to push higher after breaking its 2020 and 2021 highs – Credit Suisse

Brent Crude Oil completed a bullish “triangle” continuation pattern in Q2 as well as breaking the key 2019 and 2020 highs at $71.75/95 also suggesting we are seeing a much larger, longer-term base. Therefore, strategists at Credit Suisse stay bullish with the next resistance at $75.60.

See: Crude Oil ready to crack the $100 level – BMO 

Brent Crude Oil keeps breaking higher from its “triangle” continuation pattern

“We stay bullish with resistance seen next at $75.60, above which can reinforce a broader basing story for our original bull ‘flag’ target at $79.10, then the aforementioned ‘measured triangle objective’ at $82.50.”

“Bigger picture, above here can expose the 2018 high at an even more distant $86.74 next, which we expect to cap the market at least temporarily.”

“Only below the distant 63-day average at 68.30 would speak in favor of a trading range to re-emerge, which is not our base case.”