Brent Crude Oil is approaching major resistance from its 2018 high and long-term downtrend between $86.74 and $88.95/90 – which economists at Credit Suisse expect to cap.

Initial support seen at $83.36

“Brent Crude Oil has risen further and remains on course for a test of the 2018 high at $86.74, which is the start of a very important technical resistance zone that stretches up to the long-term downtrend from 2008 and psychological level at $88.95/$90.00.”

“Our base case is for a cap at $88.95/$90.00 and we will be alert for any signs of a top forming in this zone. Whilst not our base case, a break can see strength extend to $100.”

“Support is seen at $83.36 initially, before $79.08 and then $77.50, with the 55-day average at $76.48 ideally holding further weakness.”