Brent crude is showing bullish continuation signals after confirming a double bottom and breaking above its consolidation range, with momentum indicators pointing toward further upside, Société Générale’s FX analysts note, Société Générale’s FX analysts note.
Technical breakout signals further upside potential
“Brent formed a double bottom near $58.40 recently and has overcome the upper limit of its base highlighting possibility of extension in up move. Daily MACD has crossed within positive territory highlighting prevalence of upward momentum.”
“Next objectives could be located at the 200-DMA near $72 and April high of $75.40. Upper limit of recent range at $66.60/66.40 is a short-term support.”