Brent crude has shaped the next low close to $63, breaking above its 50-DMA and signaling fading draw back momentum. With MACD turning constructive, a check of the $68.70 pivot excessive is in sight—clearing it may open the door towards $71.30–72.00. The $63 zone stays key help for bullish continuation, Société Générale’s FX analysts be aware.
Momentum shifts in Brent as $63 help holds agency
“Brent has not too long ago carved out the next low close to $63 than the one achieved in April / Could at $58.40. It has shaped a small base; this denotes downward momentum is receding. That is additionally highlighted by the day by day MACD, which is trying an entry inside optimistic territory.”
“Brent has overcome the 50-DMA and will rebound in the direction of current pivot excessive of $68.70. Overcoming this could lead an prolonged up transfer in the direction of projections of $71.30/72.00. Current increased low at $63 is essential help close to time period.”
