Brent stalls below 200-DMA, downside risks mount – Société Générale
Source Fxstreet
Brent remains capped below its 200-DMA near $70, with repeated failures to break higher raising the risk of another downward leg toward $65 and potentially $63–61, Société Générale's FX analysts note.
Key resistance at $70 caps Brent rally
"Brent has consistently struggled to surpass the 200-day moving average (DMA), indicating a lack of sustained upward momentum. The moving average, which is currently positioned around $70.00/70.75, acts as a short-term resistance zone."
"If Brent fails to break above this hurdle, there is a risk of another downward move. A break below the recent pivot low at $65.00 could trigger an extended decline toward $63.30/63.00 and projections near $60.90."
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
Silver remains bid on US Dollar weakness, at 4-year highs, near $47.00.
Gold (XAU/USD) continues scaling new record highs during the Asian session on Tuesday and climbs beyond the $3,250 level amid a supportive fundamental backdrop.
The US Dollar Index (DXY) is remaining subdued for the third successive session and trading around 97.90 during the Asian hours on Tuesday.
With broader sentiment worsening, user demand falling across the Ethereum network, and institutional investors pulling back, the coin faces mounting headwinds in October.
Meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) remain muted as the broader cryptocurrency market recovers.
Related Instrument
