Brent Oil: Break below $83.70/83.00 can lead to an extended downtrend – SocGen
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Oil prices extend losses after closing below $90/bbl on Friday. A break under September lows and projections of $83.70/83.00 could deepen the down move, strategists at Société Générale report.
“Brent has once again given up the 50 DMA ($92.50) and is approaching the low of September near $83.70/83.00 which is also a projection. This is a potential support zone which can lead to a bounce. However, inability to reclaim the 50 DMA would denote risk of extension in decline.”
“Break below $83.70/83.00 could deepen the down move towards $77.50, the 50% retracement of the rise since 2020 and $73.00.”
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