Forex
Home›Forex›FX Futures›Brent holds above its 50-day moving average as upside…
Brent holds above its 50-day moving average as upside targets near $116
Societe Generale technical analysts say a recent $102 low is the first support level as Brent tests a short-term descending trend line.
Societe Generale technical analysts said Brent has been consolidating sideways after meeting an interim hurdle near $110 in September.
They added the contract remains above its 50-day moving average around $97, which they say helps keep upward momentum intact.
Brent is now testing a short-term descending trend line, with potential upside objectives at $110 and $114 to $116, while the recent $102 low is acting as first support.
The note also said Brent’s consolidation follows its September advance, after an interim hurdle was met near $110.
Latest closeBrent $103.93 ▲3.7%