Brent: Below $73.70, there is a risk of persistence in decline – Société Générale
|
Brent has experienced a steady pullback after failing to establish above the 200-DMA in January, Société Générale's FX analysts note.
Below $68.70, next objectives are at $66.80 and $65.70/65.50
"It has retested the low of last September at $68.70. A brief rebound has materialized however the peak achieved earlier this month at $73.70 could be a short-term resistance. If Brent fails to overcome this hurdle, there would be risk of persistence in decline. Below $68.70, next objectives could be located at projections of $66.80 and $65.70/65.50."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
