Brent crude is displaying bullish continuation alerts after confirming a double backside and breaking above its consolidation vary, with momentum indicators pointing towards additional upside, Société Générale’s FX analysts observe.
Technical breakout in Brent crude alerts 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. Every day MACD has crossed inside constructive territory highlighting prevalence of upward momentum.”
“Subsequent goals may very well be positioned on the 200-DMA close to $72 and April excessive of $75.40. Higher restrict of latest vary at $66.60/66.40 is a short-term help.”
