Brent Oil: Phase of uptrend could extend towards $93 and $96.50/$97.00 – SocGen

Market news

11 August 2023

Brent Oil: Phase of uptrend could extend towards $93 and $96.50/$97.00 – SocGen

Oil price is clearly on the rise. Economists at Société Générale analyze Brent Crude technical outlook.

200-DMA near $81 expected to be a support near term

Brent has extended its rebound after breakout from a multi-month base and has achieved the objective of $87.50 representing April high. An initial pullback can’t be ruled out however the 200-DMA near $81 is expected to be a support near term.

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

Once Brent establishes beyond $87.50, the phase of uptrend could extend towards $93 and $96.50/97.00, the 38.2% retracement from 2022.

US Dollar points to gains at end of the trading week

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