Brent Crude Oil to witness a short-term up move towards April high of $87.50 – SocGen

Market news

31 July 2023

Brent Crude Oil to witness a short-term up move towards April high of $87.50 – SocGen

Economists at Société Générale analyze Brent Oil technical outlook.

Next objective at $87.50 after breakout from base

Brent recently defended the low of March near $70 and evolved within a small base. A breakout from this accumulation has led it beyond the 200-DMA first time since August 2022.

Daily MACD has been posting positive divergence and has crossed above the equilibrium line denoting regain of upward momentum.

A short-term up move towards April high of $87.50 is expected.

Defence of the MA near $81 would be crucial for persistence in uptrend.

EUR/USD could recover to the low/mid-1.11s in the next 1-2 sessions – Scotiabank

GBP/USD: Gains through 1.2865 to put Cable on track to retest the 1.30 area – Scotiabank

Market Focus

Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer

Open Demo Account & Personal Page

Personal area

support@teletradepartners.com

Risk Warning: Trading in the financial markets (including trading on margin) provides a wide range of opportunities and enables investors ready to take risks to make high profits, but it carries a potentially high level of risk of loss. Therefore, prior to trading you should take into careful consideration whether such operations are suitable for you in terms of your level of knowledge and financial situation.