Brent crude’s steep rally faces a key technical check as costs strategy main resistance ranges, with stretched momentum suggesting a doable near-term pullback, Société Générale’s FX analysts observe.
Momentum builds, however Brent faces resistance
“Brent has skilled a steep uptrend after breakout from a base. It’s now making an attempt a cross above the higher restrict of a descending channel drawn since 2023. The each day MACD histogram is registering multi-month highs, indicating a stretched up-move.”
“Subsequent hurdles are situated on the January excessive of $82.40/82.60. Within the occasion that Brent fails to defend current hole ranges close to $77.65/77.00, a short-term pullback could take form.”
