Brent crude continues to consolidate in a sideways sample, with downward momentum nonetheless dominant. A possible base formation hinges on holding above latest lows and reclaiming key transferring averages, Société Générale’s FX analysts word.
Key assist close to April low at $58.40 in focus
“Brent has advanced inside a sideways vary after going through resistance close to 50-DMA ($67) not too long ago. Each day MACD stays anchored inside adverse territory denoting prevalence of downward momentum.”
“It will likely be attention-grabbing to see if Brent can carve out the next trough than that achieved in April close to $58.40 and kind a base. If it establishes itself above the MA at $66.30/67.00, a short-term up transfer might take form. Subsequent goals could possibly be situated at $68.70 and $72.50.”
