Brent Oil: Below $83.00 next supports align at $77.50 and $73.00 – SocGen
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On the first day of the last week of September, crude oil extended last week’s losses. Economists at Société Générale expect Brent to head towards $77.50, then $73.00 on a drop under $83.00.
“Daily MACD is anchored within negative territory which denotes steady downward momentum.”
“An initial bounce is not ruled out, however, $93.50 should provide resistance.”
“Brent is close to downside projections of $83.00. Next potential supports are at the lower band of a descending channel at $77.50 and $73.00.”
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