Oil: Inability to overcome $72.75 can lead to persistence in decline – Societe Generale

FXStreet Insights Team FXStreet

Brent recently revisited the low of last September at $68.70 resulting in a brief rebound, Societe Generale's FX analysts report.

Break below $70.00 can highlight possibility of one more down leg

"It is now challenging a multi-month descending trend line at $72.75 which could be an interim resistance. It will be interesting to see if Brent can establish beyond this hurdle; this cross is crucial for confirming extension in ongoing rebound."

"Inability to overcome $72.75 can lead to persistence in decline. Break below last week low of $70.00 could highlight possibility of one more down leg."

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FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

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