Oil: Inability to overcome $72.75 can lead to persistence in decline – Societe Generale
Source 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."
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
Bitcoin exchange-traded funds (ETFs) recorded a modest net inflow of $15 million last week, marking a significant turnaround from the previous week’s sharp outflows exceeding $713 million.
Despite signs of improving momentum, with RSI climbing and EMA lines hinting at a potential breakout, ETH continues to lag behind competitors like Solana in multiple metrics.
US President Donald Trump told reporters Tuesday night that he had “no intention” of firing Federal Reserve Chair Jerome Powell, and the markets didn’t wait long to react.
Gold price (XAU/USD) attracted dip-buyers in Asia on Wednesday, stalling its retreat from the $3,500 peak hit the day before.
Gold price falls further as Trump softens tone on PowellGold price (XAU/USD) is facing profit-taking pressure and nosedives on Wednesday towards $3,300 at the time of writing. The profit taking picked up on comments from United States (US) President Donald Trump, who did a 180-degree turn on his stance on China and the Federal Reserve (Fed).
Gold price (XAU/USD) is facing profit-taking pressure and nosedives on Wednesday towards $3,300 at the time of writing. The profit taking picked up on comments from United States (US) President Donald Trump, who did a 180-degree turn on his stance on China and the Federal Reserve (Fed).
Related Instrument
