Brent hits resistance at $72 – Société Générale
|Brent crude is struggling to break above its 200-day moving average near $72, highlighting ongoing resistance in the market. Failure to overcome this barrier could trigger further declines toward $66.30 and potentially $63.00, Société Générale's FX analysts note.
Crude rangebound below 200-DMA
"Brent has once again faced difficulty breaking above the 200-DMA near $72. Recently, the price action has been confined between the 50-DMA and the 200-DMA. If Brent fails to surpass the longer-term Moving Average near $72, it may continue pulling back toward the recent pivot low at $66.30."
"A break below this level could lead to deeper downtrend, potentially targeting the last month’s low around $63.30/63.00."
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