Brent slides toward key support – Société Générale
Source Fxstreet
Brent remains under pressure below its 50-day moving average near $63, with prices drifting toward key support at $58.40 and risks skewed to a deeper extension of the downtrend if this level fails, Société Générale's FX analysts note.
Downtrend momentum persists
"Brent has struggled to break above the 50-DMA (currently near $63) since October, leading to a steady decline. It is now approaching the April/May lows around $58.40, which may act as an interim support. However, there are no clear signals of a meaningful rebound yet."
"The moving average near $63 is likely to cap short-term upside. Failure to hold $58.40 is likely to extend the downtrend toward the next projections at $56 and $54/53."
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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