Brent Oil to regain downward momentum on a break below $70 – SocGen

Market news

1 June 2023

Brent Oil to regain downward momentum on a break below $70 – SocGen

Strategists at Société Générale analyze Brent's technical outlook.

Inability to overcome resistance zone of $79/81 could lead to extension in the downtrend

Brent has so far defended the trough of March near $70 however a meaningful rebound has remained elusive.

Inability to overcome the resistance zone of $79/81 representing the 50-DMA and a multi-month descending trend line could lead to extension in the downtrend.

A break below $70 is expected to result in regain of downward momentum; next potential objectives could be at December 2021 low of $65/63 and $57.

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