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Brent: Renewed uptrend points to $127 target – Societe Generale
Having remained above its 50-day moving average throughout consolidation, Brent has broken through the top of its trading range, indicating that its uptrend has resumed, according to Societe Generale analysts. Technical projections put upside objectives at $116/$119 and potentially $127 per barrel, while any short-term retreat may find support around $106.
Brent breaks above range with further upside in view
"Brent held above its 50-DMA during the recent consolidation and has now broken above the upper boundary of the range."
"This suggests that the uptrend has resumed and may extend further."
"Should a short-term pullback occur, the low established earlier this week near $106 could act as support."
"The next objectives are located at projections of $116/119 and $127."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
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