Oil prices have recovered from the lows. Economists at Société Générale analyze Brent’s outlook.
Overcoming recent pivot high near $84 essential for confirming an extended rebound
Brent decline has stalled near the lower limit of a multi month channel at $76.60 which is also the 76.4% retracement from March. A short-term bounce has led it towards the 200-DMA. Flattish slope of the MA denotes lack of clear direction.
Overcoming recent pivot high near $84 would be essential for confirming an extended rebound. Failure to cross could mean one more leg of decline towards $76.60 and perhaps even towards next projections at $74.10/$73.30.
Source: https://www.fxstreet.com/news/brent-oil-failure-to-cross-84-could-mean-one-more-leg-of-decline-socgen-202311241153