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$127 target as Brent resumes its uptrend – Societe Generale
Brent could find short-term support near $106. According to Societe Generale analysts, the crude benchmark remained above its 50-day moving average while consolidating before breaking through the top of its trading range, indicating that the uptrend has resumed. Technical upside targets stand at $116/$119, with a potential extension to $127 per barrel.
Brent Range Break Points to Further Gains
"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.)
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