Brent Crude Oil: Next potential hurdle is located at the falling 200-DMA near $90 – SocGen Oil Brent Banks
Crude oil prices opened with a significant bullish gap. Brent Oil could test the $90 level, economists at Société Générale report. “Brent has gapped up above the trend line drawn since March 2022 and has extended the bounce towards February/March peaks of $87. Next potential hurdle is located at the falling 200-DMA near $90, it has failed to reclaim this MA since last September.
“It would be interesting to see if Brent can hold above recent gap levels at $79. In case it establishes below this support, the downtrend could resume.”Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
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