Brent Crude Oil to extend its slide towards the $79.20/$77.50 area – SocGen
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Brent Crude Oil has broken below the key support level of $83. Strategists at Société Générale note that the next targets are located at $79.20/$77.50, then $73.00.
“Breakdown below the low of September affirms persistence in decline. Next potential objectives are at $79.20/$77.50, the 50% retracement of the whole uptrend since 2020 and projections of $73.00.”
“Recent pivot high near $86.80 is near-term resistance.”
See: WTI renews yearly low as Coronavirus woes join fears of higher supplies, oil price cap
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