Brent Crude Oil to suffer a deeper fall on a break below June low of $67.44 – Credit Suisse

Brent Crude Oil is threatening a top, with an RSI momentum top and divergence already in place. The top will be confirmed on a break below the $67.44 July low, strategists at Credit Suisse report.

The risk for a top increases

“Brent Crude Oil remains under pressure with weekly RSI momentum holding a clear top and bearish divergence to warn of a potential price top also.”

“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 $63.18, with buyers then expected here.”

“Above $72.70 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.”