Brent Oil: Failure to cross $84 could mean one more leg of decline – SocGen
Oil prices have recovered from the lows. Economists at Société Générale analyze Brent’s outlook.
Overcoming recent pivot high near $84 essential for confirming an extended rebound
Brent decline has stalled near the lower limit of a multi month channel at $76.60 which is also the 76.4% retracement from March. A short-term bounce has led it towards the 200-DMA. Flattish slope of the MA denotes lack of clear direction.
Overcoming recent pivot high near $84 would be essential for confirming an extended rebound. Failure to cross could mean one more leg of decline towards $76.60 and perhaps even towards next projections at $74.10/$73.30.
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