Brent Oil: Break below $70 could accelerate decline to $65/63 – SocGen Oil Brent Technical Analysis Banks
Brent downtrend has stalled after forming an interim trough near $70 in March. Economists at Société Générale analyze Brent Crude Oil technicalDaily MACD has started posting positive divergence however signals of trend reversal are not yet visible. Recent bounce has remained contained near the 50-DMA. Multi-month down sloping trend line at $81 must be overcome to affirm a meaningful rebound.
Once a break below $70 materializes, Brent would confirm one more leg of downtrend; next potential objectives are located at December 2021 low of $65/63 and $57.Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
U.S. oil price slides back below $70 a barrel ahead of this week's Fed decisionU.S. oil price slides back below $70 a barrel ahead of this week’s Fed decision
Read more »
Amazon Deals of the Week: $70 Off Apple Watch, Plus Deeply Discounted Workout Earbuds and EquipmentOur editors found the coolest gear you can score on sale right now with your Prime membership. RSRecommends
Read more »
We Found A Very Affordable Take On This Easy Home Decor TrendReviewers love this well-priced arched standing mirror — and it’s less than $70 right now.
Read more »
WTI bears attack $70.00 as Oil producers, major economics shake demand-supply matrixWTI crude oil drops to $70.00 as the key week comprising multiple central bank events and the US inflation data begins. In doing so, the black gold fa
Read more »
Goldman Sachs cuts its December Brent oil-price forecast by nearly 10%Goldman Sachs reduces its December forecast for global benchmark crude prices by almost 10% to $86 a barrel this week, blaming higher-than-expected supplies...
Read more »
The ongoing evolution of Brent Honeywell Jr.The Padres' Brent Honeywell continuing to work his way back from the four elbow surgeries that derailed the career of an arm once considered one of the best pitching prospects in the game
Read more »