Brent tests channel top after strong rally – Société Générale
Source Fxstreet
Brent crude’s steep rally faces a key technical test as prices approach major resistance levels, with stretched momentum suggesting a possible near-term pullback, Société Générale's FX analysts note.
Momentum builds, but Brent faces resistance
"Brent has experienced a steep uptrend after breakout from a base. It is now attempting a cross above the upper limit of a descending channel drawn since 2023. The daily MACD histogram is registering multi-month highs, indicating a stretched up-move."
"Next hurdles are located at the January high of $82.40/82.60. In the event that Brent fails to defend recent gap levels near $77.65/77.00, a short-term pullback may take shape."
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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