Brent: Uptrend targets $102 before higher projections - Societe Generale
Societe Generale analysts highlight that Brent has resumed a steady advance after defending its 200-DMA in August and crossing a multi-month descending trend line.
Societe Generale analysts have noted that Brent oil has resumed a steady upward trend after defending its 200-Day Moving Average in August and crossing a multi-month descending trend line. The futures contract is predicted to gradually move towards the July peak of around $102, with last week's low near $89 potentially serving as short-term support.
Should the resistance break, projections suggest further gains could push Brent towards $108, $110, and even $117. At present, there are no apparent signs of a significant pullback.
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