economy
March 10, 2026
The $120 oil spike was typical 'peak panic' marking a top, says Bank of America
After wild moves Monday, technical strategist Paul Ciana tells investors to expect Brent Crude to consolidate and trade between $90 and $110 a barrel for now.
TL;DR
- Bank of America's technical strategist Paul Ciana identified Monday's oil price surge to $120 as 'peak panic,' suggesting a short-term top.
- Ciana predicts Brent Crude will consolidate and trade between $90 and $110 in the medium term.
- Supply concerns could still drive prices higher, potentially to $134-$150 or beyond.
- A drop below $81.40 would indicate further price declines.
- Bank of America recommends investors avoid buying the S&P Energy sector and Exxon Mobil currently due to stretched momentum and appearing uptrend-exhaustion signals.
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