Societe Generale analysts report that Brent crude oil has resumed a steady upward trend after successfully defending its 200-day moving average (DMA) in August and breaking above a multi-month descending trend line [1]. The analysts note that Brent is now gradually advancing toward the July peak, which is around $102 [1]. They identify last week’s low near $89 as a key short-term support level, suggesting that the uptrend remains intact as long as this support holds [1].
The report further highlights that if Brent manages to move above the $102 level, the uptrend could extend toward higher projections, specifically in the $108/$110 and $117 ranges [1]. Societe Generale analysts also state that there are currently no visible signals of a large pullback in Brent prices [1].
No specific market reactions or immediate impacts are discussed in the article, nor are there any direct quotes from market participants or additional analyst opinions beyond those from Societe Generale [1].
CONCLUSION
Societe Generale analysts maintain a positive outlook for Brent crude, targeting a move toward $102 and potentially higher if resistance levels are breached. The absence of pullback signals and the identification of key support and resistance levels suggest continued bullish sentiment in the near term.