Brent builds higher low, targets $68.70 with eyes on $72 – Société Générale
|Brent crude has formed a higher low near $63, breaking above its 50-DMA and signaling fading downside momentum. With MACD turning constructive, a test of the $68.70 pivot high is in sight—clearing it could open the door toward $71.30–72.00. The $63 zone remains key support for bullish continuation, Société Générale's FX analysts note.
Momentum shifts in Brent as $63 support holds firm
"Brent has recently carved out a higher low near $63 than the one achieved in April / May at $58.40. It has formed a small base; this denotes downward momentum is receding. This is also highlighted by the daily MACD, which is attempting an entry within positive territory."
"Brent has overcome the 50-DMA and may rebound towards recent pivot high of $68.70. Overcoming this can lead an extended up move towards projections of $71.30/72.00. Recent higher low at $63 is crucial support near term."
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