Brent Oil to extend its race higher towards $92.50 – SocGen

Brent Oil rises around 1% this morning. Strategists at Société Générale expect prices to continue trending higher towards $92.50 and then $95.00/96.30.

$83.50 and $79.00/78.50 are short-term supports

“Brent is breaking above the peaks of 2018 and October affirming persistence of upward momentum. This is also highlighted by weekly MACD establishing itself within positive territory and attempting a cross above its trigger.” 

“Next projections are located at $92.50 and $95.00/96.30 which is also the upper limit of an ascending channel.”

“Daily Kijun line near $83.50 and $79.00/78.50, the 38.2% retracement from December will be short-term supports.”