Brent: Uptrend resumes with $127 target – Societe Generale

Societe Generale analysts note that Brent has held above its 50-day moving average during consolidation and has now broken the upper end of its range, signalling a renewed uptrend. Short-term pullbacks may find support near $106, while upside technical objectives are projected at $116/$119 and potentially $127 per barrel.

Break above range targets higher levels

"Brent held above its 50-DMA during the recent consolidation and has now broken above the upper boundary of the range."

"This suggests that the uptrend has resumed and may extend further."

"Should a short-term pullback occur, the low established earlier this week near $106 could act as support."

"The next objectives are located at projections of $116/119 and $127."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)