Brent Crude Oil is back below key averages. Strategists at Credit Suisse expect further weakness from here.

Only a solid rise back above $93.78/102.57 would improve the technical picture

“Brent Crude Oil is back below key averages and we expect further weakness towards the 50% retracement of the whole 2020/2022 upmove at $77.56. If this level would break as well, we then identify next support levels at $65.72, December 2021 low and then $63.02, the 61.8% retracement, where we would expect a more sustainable consolidation/countermove to be established. Nevertheless, below would open the door for the March 2021 low at $60.27.”

“Only a solid rise back above the crucial intersection of the 55 and 200-day averages, currently seen at $93.78/102.57, would improve the technical picture again, which is not our base case.”