Brent crude is displaying bullish continuation indicators after confirming a double backside and breaking above its consolidation vary, with momentum indicators pointing towards additional upside, Société Générale’s FX analysts observe, Société Générale’s FX analysts observe.
Technical breakout indicators additional upside potential
“Brent fashioned a double backside close to $58.40 not too long ago and has overcome the higher restrict of its base highlighting chance of extension in up transfer. Each day MACD has crossed inside optimistic territory highlighting prevalence of upward momentum.”
“Subsequent aims may very well be positioned on the 200-DMA close to $72 and April excessive of $75.40. Higher restrict of current vary at $66.60/66.40 is a short-term help.”
