• Next leg of downtrend could take Brent towards December 2021 levels of $65/63 – SocGen

Noticias del mercado

28 junio 2023

Next leg of downtrend could take Brent towards December 2021 levels of $65/63 – SocGen

Economists at Société Générale analyze Brent Oil technical outlook.

Overcoming $78/$79 is essential to affirm a meaningful rebound

Brent experienced a fast rebound after hitting $70 in March however the price action has gradually settled below the 50-DMA. Recent attempt at overcoming this MA and a multi-month descending trend line ($78/$79) has failed. 

Daily MACD has remained anchored below the equilibrium line since late April denoting lack of upward momentum. 

Once a break below $70 materializes, next leg of downtrend could take Brent towards December 2021 levels of $65/63 and $57. 

Overcoming $78/79 is essential to affirm a meaningful rebound.

 

Enfoque del mercado
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
Abrir cuenta demo y página personal
Entiendo y acepto la Política de Privacidad y estoy de acuerdo con que mi nombre y datos de contacto sean procesados por TeleTrade y utilizados para contactarme en lo referente a: