Brent Crude Oil is similarly holding multi-year support at $16.65/14.53, although the trend stays down, according to analysts at Credit Suisse.
Key quotes
“Although the overall downtrend remains intact, we look for an attempt to find a floor at the $16.65/14.53 multi-year support. Strong resistance though will be expected though at $26.50/27.00.”
“Below $14.53 would warn of a further significant deterioration, with support next at $12.33, then the $9.55 low of 1998.”
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