The strong crude oil rally Brent faces a key technical test as prices are close to important resistance levels, with a stretched impulse that suggests a possible short -term setback, the FX analysts of Société Générale indicate.
Impulse accumulates, but Brent faces resistance
“The Brent has experienced a strong bullish trend after breaking from a base. Now trying to cross over the upper limit of a descending channel drawn since 2023. The daily histogram of the MACD is registering maximum of several months, which indicates a bullish movement stretched.”
“The next obstacles are in January of 82.40 $/82.60. In case the Brent fails to defend the recent gap levels about 77.65 $/77.00, a short -term setback could be formed.”
Source: Fx Street
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