Brent crude’s failed try to carry above its 200-day transferring common has bolstered draw back dangers, setting the stage for a continued retreat towards key assist ranges. With momentum missing, costs might revisit the June lows until short-term hurdles at $69 and $72 are decisively cleared, Société Générale’s FX analysts word.
Eyes on $63 assist as Brent struggles to regain momentum
“Brent skilled a steep rebound final month, however the transfer petered out close to $81.40. It shortly gave up the 200-DMA highlighting an absence of upward momentum. On earlier events (June-July 2024 and January 2025), Brent skilled a gradual extension in decline after failing to ascertain above the MA.”
“Ongoing decline is more likely to prolong in direction of June low of $63.30/63.00 and $58.40. Latest pivot excessive of $69 and the 200-DMA at $72 are short-term hurdles.”
