Brent: Uptrend eyes 102 and 110 – Societe Generale
Societe Generale strategists note Brent has held above key moving averages near $85/84, keeping upward momentum intact as geopolitical tensions and higher energy prices drive a broader bond rout.
Societe Generale analysts observe Brent's price holding above important moving averages near $85/84, maintaining upward momentum amidst geopolitical tensions and rising energy prices fueling a wider bond decline. They emphasize a crucial resistance level at $95 and anticipate a potential breakthrough could pave the way for the July peak of $102 and forecasts around $108/110.
Brent has persistently remained above the intersection of the 50-Day Moving Average and 200-Day Moving Average at $85/84, indicating strong upward momentum. The asset is currently confronting a multi-month downward trend line. The recent peak of $95, signifying a downward gap, serves as an interim challenge. Defending the support near $85/84 could facilitate the continuation of the uptrend.
Should Brent surpass $95, a broader uptrend might materialize towards the July high of $102 and expectations of $108/110.
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