Brent: Watching support at 84/83 dollars – Societe Generale
Societe Generale analysts highlight that Brent has pulled back after testing resistance at $95, a level defined by a prior downside gap and a descending trend line from April.
Societe Generale analysts have noted that Brent crude oil has retreated after testing resistance at $95, a level established by a previous downside gap and a descending trend line from April. The price is now gravitating towards the $84/83 area, where the 50-day and 200-day moving averages intersect, considered potential support.
Should Brent fail to maintain its position above $84/83, a more significant decline could ensue. Although a brief rebound cannot be entirely dismissed, overcoming the resistance at $95 will be crucial for validating a broader uptrend.
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