Oil: Brent to test major resistance – Credit Suisse

Commodity markets continue to improve strongly, with the Brent Crude Oil set to test its main resistance from the April highs, according to strategists at Credit Suisse.

Key quotes

“We look for a challenge on the Brent Crude Oil major resistance from the April highs at $36.00.” 

“With the 38.2% retracement of the entire Q1 collapse not far above at $37.28, our view has been for this to cap and define the top of what we think may be a significant long-term sideways range.” 

“Above $37.28 would be seen marking a significant break to the upside, potentially for broader risk assets as well, with resistance then seen next at the large price gap from March, starting at $39.70 and stretching up to $45.50.”