Brent Oil: Break below $83.70/83.00 can lead to an extended downtrend – SocGen
|Oil prices extend losses after closing below $90/bbl on Friday. A break under September lows and projections of $83.70/83.00 could deepen the down move, strategists at Société Générale report.
Inability to reclaim the 50 DMA would denote risk of extension in decline
“Brent has once again given up the 50 DMA ($92.50) and is approaching the low of September near $83.70/83.00 which is also a projection. This is a potential support zone which can lead to a bounce. However, inability to reclaim the 50 DMA would denote risk of extension in decline.”
“Break below $83.70/83.00 could deepen the down move towards $77.50, the 50% retracement of the rise since 2020 and $73.00.”
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.