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Société Générale says Brent oil needs to reclaim $90 to solidify uptrend

Started by forex4you, Jan 24, 2023, 07:48 am

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Société Générale says Brent oil needs to reclaim $90 to solidify uptrend

<p>A snippet on oil from Société Générale, looking at Brent:</p><ul><li>A falling wedge generally denotes receding downward momentum; this is also highlighted by daily MACD which held on to last July's lows and has entered positive territory. </li><li>However, reclaiming the upper limit of the wedge at $89/90 is essential to affirm an extended up-move towards $94 and graphical levels of $98/100.</li><li>If Brent is unable to defend the 50DMA near $84, the down move is likely to resume. Next potential supports could be at low of December at $75.10 and projections of $73/72.</li></ul><p>The below is my chart, trying to duplicate what SG is referring to. I've added the <a href="https://www.forexlive.com/terms/m/macd/" class="terms__main-term" id="a2fcccb2-320a-4344-a470-2eef0e909196" target="_blank">MACD</a> , using default settings. I am not sure of the falling wedge that SG is referring to though. </p><p>I may be wrong and, of course, let me know in the comments your thoughts! The <a href="https://www.forexlive.com/LiveCharts" target="_blank" rel="follow">chart is from our site and is available here</a>. The code is 'UKOIL'.</p>

                This article was written by Eamonn Sheridan at www.forexlive.com.

Source: Société Générale says Brent oil needs to reclaim $90 to solidify uptrend

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