Brent: Uptrend intact with $114–116 in sight – Societe Generale
Societe Generale technical analysts highlight that Brent has been consolidating sideways after meeting an interim hurdle near $110 in September. The contract remains above its 50-day moving average around $97, keeping upward momentum intact. Brent is now testing a short-term descending trend line, with potential objectives at $110 and $114/$116, while the recent $102 low acts as first support.
Sideways phase within broader uptrend
"Brent has evolved within a sideways consolidation after encountering an interim hurdle near $110 in September."
"It has remained above the 50-DMA ($97), indicating that the upward momentum remains intact."
"Brent is now attempting to break above a short-term descending trend line, highlighting the possibility of an extension of the up move."
"The next objectives could be located at $110 and the projections of $114/$116."
"The low formed earlier this week at $102 is the first support."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
Nothing in this material constitutes investment advice, personal recommendation, investment research, an offer, or a solicitation to buy or sell any financial instrument. The content has been prepared without consideration of your individual investment objectives, financial situation, or needs, and should not be treated as such.
Past performance is not a reliable indicator of future performance and/or results. Forward-looking scenarios or forecasts are not a guarantee of future performance. Actual results may differ materially from those anticipated.
Mitrade makes no representation or warranty as to the accuracy or completeness of the information provided and accepts no liability for any loss arising from reliance on such information.
Recommended Articles
