Brent: Uptrend intact with $114–116 in sight – Societe Generale

Societe Generale technical analysts highlight that Brent has been consolidating sideways after meeting an interim hurdle near $110 in September. The contract remains above its 50-day moving average around $97, keeping upward momentum intact. Brent is now testing a short-term descending trend line, with potential objectives at $110 and $114/$116, while the recent $102 low acts as first support.

Sideways phase within broader uptrend

"Brent has evolved within a sideways consolidation after encountering an interim hurdle near $110 in September."

"It has remained above the 50-DMA ($97), indicating that the upward momentum remains intact."

"Brent is now attempting to break above a short-term descending trend line, highlighting the possibility of an extension of the up move."

"The next objectives could be located at $110 and the projections of $114/$116."

"The low formed earlier this week at $102 is the first support."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)