Brent recently revisited the low of last September at $68.70 resulting in a brief rebound, Societe Generale’s FX analysts report.
Break below $70.00 can highlight possibility of one more down leg
“It is now challenging a multi-month descending trend line at $72.75 which could be an interim resistance. It will be interesting to see if Brent can establish beyond this hurdle; this cross is crucial for confirming extension in ongoing rebound.”
“Inability to overcome $72.75 can lead to persistence in decline. Break below last week low of $70.00 could highlight possibility of one more down leg.”