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Brent: Uptrend resumes with $127 target – Societe Generale
Societe Generale analysts note that Brent has held above its 50-day moving average during consolidation and has now broken the upper end of its range, signalling a renewed uptrend. Short-term pullbacks may find support near $106, while upside technical objectives are projected at $116/$119 and potentially $127 per barrel.
Break above range targets higher levels
"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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1Canadian Dollar: Pressured near 1.40 against US Dollar – TD Securities2Silver price today: Silver falls, according to FXStreet data3Brent: Uptrend resumes with $127 target – Societe Generale4Euro hits fresh 17-month lows against British Pound after Eurozone, UK PMIs5CEE FX: Risk-off and energy pressures cap regional currencies – ING6Pi Network Price Forecast: PI holds modest gains as mixed technicals curb upside7Japanese Yen: Set for further gains against US Dollar - UOB8UK S&P Global Composite PMI improves to 53.1 in October vs. 51.8 expected9Euro remains depressed after unimpressive PMIs; struggles near 1.1200 vs recovering USD
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