11:08:02 02-12-2021
Brent Oil eyes a slide to the August low at $64.60 – SocGen
Brent Oil has experienced a sharp pullback after faltering near 2018 levels of $86.70. It has achieved projections of $68.20. Strategists at Société Générale expect the black gold to remain under pressure towards the August low of $64.60.
Signals of rebound are still not visible
“The down move is a bit stretched however signals of rebound are still not visible.”
“Daily Tenkan line near $75.60 is expected to be a near-term resistance.”
“Next potential support is located at August low of $64.60.”