The Brent crude has formed a higher minimum of about $ 63, breaking above its 50 DMA and pointing out a fading of the bearish impulse. With the MACD, becoming constructive, a test of the maximum pivot of $ 68.70 is in sight; Overcoming it could open the door to 71.30 $ –72.00 $. The $ 63rd area remains a key support for the bullish continuation, says the FX analysts of Société Générale.
Brent impulse changes while the $ 63 support remains firm
“Brent has recently drawn a higher minimum of about $ 63 than that reached in April/May in 58.40 $. It has formed a small base; this denotes that the downward impulse is decreasing. This also stands out in the Daily MacD, which is trying to an entry into positive territory.”
“Brent has exceeded the DMA of 50 and can bounce towards the recent maximum pivot of $ 68.70. Overcoming this can lead to an extended upward movement to projections of 71.30 $/72.00 $. The recent highest minimum at $ 63 is a short -term crucial support.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
