Economists at Société Générale analyze Brent Oil technical outlook.
Overcoming $78/$79 is essential to affirm a meaningful rebound
Brent experienced a fast rebound after hitting $70 in March however the price action has gradually settled below the 50-DMA. Recent attempt at overcoming this MA and a multi-month descending trend line ($78/$79) has failed.
Daily MACD has remained anchored below the equilibrium line since late April denoting lack of upward momentum.
Once a break below $70 materializes, next leg of downtrend could take Brent towards December 2021 levels of $65/63 and $57.
Overcoming $78/79 is essential to affirm a meaningful rebound.
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