Brent: Uptrend eyes 102 and 110 – Societe Generale

Societe Generale strategists note Brent has held above key moving averages near $85/84, keeping upward momentum intact as geopolitical tensions and higher energy prices drive a broader bond rout. They highlight a critical resistance at $95 and suggest that a sustained break could open the way toward the July high at $102 and projections around $108/110.

Oil extends bullish technical structure

"Brent has so far maintained above the confluence of the 50-DMA and 200-DMA around $85/84, highlighting the prevalence of upward momentum. It is now challenging a multi-month descending trend line."

"The recent pivot high of $95, which also represents a downside gap, is an interim hurdle."

"Defence of the support near $85/84 may lead to a continuation of the upward move."

"If Brent overcomes $95, a larger uptrend is likely towards the July high of $102 and projections around $108/110."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)