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. They see the contract gradually moving toward the July peak around $102, with last week’s low near $89 offering short-term support and further upside projections toward $108/$110 and $117 if resistance breaks.
Uptrend eyes July peak and beyond
“Brent has staged a steady upward move after defending its 200-DMA in August.”
“It has crossed a multi-month descending trend line and is gradually advancing toward the July peak around $102.”
“Signals of a large pullback are not yet visible, last week’s low near $89 could provide short-term support.”
“A move above $102 may extend the uptrend toward the next projections around $108/$110 and $117.”
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
