is under heavy pressure after recently rejecting key resistance levels, suggesting a resumption of the downtrend is likely, with next supports at $65.72 and $63.02, analysts at Credit Suisse report.“With medium-term momentum still negative and short-term momentum crossing back into outright bearish territory, we look for a break below current year-to-date low at $70.12 imminently, which would open up a move to the major cluster of supports between $65.72 and $63.02 next.
“Key resistance at the 200-DMA and key highs at $86.41/89.37 is still expected to cap should the market stabilize and turn back higher, but even this is not our base case.”Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
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