The Brent crude is showing bullish continuation signs after confirming a double floor and breaking over its consolidation range, with the impulse indicators pointing towards greater bullish potential, the FX analysts of Société Générale point out.
Technical rupture in the Brent oil indicates greater bullish potential
“Brent formed a double ground about $ 58.40 recently and has exceeded the upper limit of its base, highlighting the possibility of an extension in the upward movement. The daily MACD has crossed within the positive territory, highlighting the prevalence of the bullish impulse.”
“The next objectives could be located in the 200 -day mobile average of about $ 72 and the maximum of April 75.40 $. The upper limit of the recent range in 66.60 $/66.40 $ is a short -term support.”
Source: Fx Street
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