Brent Oil: Larger uptrend could materialize on a break past $84.75 – SocGen

FXStreet Insights Team FXStreet

Brent Crude is again trading above $80.00. Economists at Société Générale analyze Oil’s outlook.

50-DMA at $78.50 is first support

Brent broke out above multi month descending channel denoting possibility of short-term rebound. It is gradually inching towards the high formed last month near $84.75. Once this is overcome, a larger uptrend could materialize. This crossover can result in a move towards $88.00 and perhaps even towards $91.70, the 76.4% retracement from last September.

The 50-DMA at $78.50 is first support near term.

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FXStreet Insights Team

FXStreet

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