Brent Oil to suffer a steep decline on a break below the $67.44 July low – Credit Suisse

Brent Crude Oil remains under pressure with weekly RSI momentum now holding a clear top to warn of a potential price top also. Strategists at Credit Suisse warn of a deeper fall on a break below the $67.44 July low.

Move above $72.43 is needed to ease the pressure off

“Below the $67.44 July low would warn of a more serious break lower, for a move to $64.57 next, with scope for the 200-day average at $62.40, with buyers then expected here.”

“Above $72.43 is needed to ease the pressure off the $67.44 July low for a recovery back to the top of the range at $75.78/77.84.” 

“Weekly RSI momentum holds a top and a bearish divergence, increasing the risk for a top in the market also.”