Brent is now approaching the upper band of the wedge pattern near $89/90. Société Générale strategists They report that a move above this zone is needed to prolong the bull run.
“A falling wedge generally denotes a reversal of bearish momentum; this is also highlighted by the daily MACD, which held on to the lows of last July and has entered positive territory. However, recovering the upper bound of the wedge at $89/$90 is essential to affirm a prolonged upside move towards $94 and $98/$100 chart levels.”
“If Brent is not able to defend the 50 DMA near $84, the downside is likely to resume. Next potential supports could be at the December low at $75.10 and projections of $73/$72. “
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.
