Brent has pulled back after facing strong resistance around the 200-DMA ($76) recently, Societe Generale’s FX analysts report.
Brent to reach $63 in the near term
“It is fast approaching last September/March lows at $68.70/68.10, which is also a trend line connecting troughs of March 2023/September 2024. This remains a crucial support. It will be interesting to see if Brent can form a base near this zone and attempt a bounce.”
“Failure defend it may result in an extended downtrend. Next objectives could be located at projections of $65.50/64.70 and $63.”
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