Brent Oil to extend its decline towards $65/63 – SocGen

Brent Crude Oil has drifted towards 2020 high of $71. Next potential objectives are located at $65/63, economists at Société Générale report.

50-DMA at $83 should cap upside

“Brent has given a break below the sideways consolidation since December denoting resumption in downtrend.”

“Daily MACD is at a higher level as compared to previous lows. However, it is anchored within negative territory denoting lack of upward momentum.” 

“Signals of a large bounce are not yet visible; the 50-DMA at $83 should cap upside.”

“Next potential objectives are located at $65/63, the 61.8% retracement of the whole up move during 2020 and 2022.”