Brent: Rebound tests key resistance – Societe Generale
Societe Generale’s Kenneth Broux notes that Brent has sharply rebounded after defending the late-February low around $69 and is now testing the 200-day moving average and a descending trendline. The bank highlights resistance near $80.60 and upside potential towards $86–$90 if this level breaks, while warning that a drop below $75 support could revive the broader downtrend.
Rebound faces layered resistance levels
"Brent defended the late-February low of $69, resulting in a sharp rebound."
"It is now probing the confluence of the 200-DMA and the steeper descending trendline drawn from April."
"The high reached last week at $80.60 represents the first hurdle."
"If Brent breaks above this resistance, the rebound could extend towards the April low of $86 and the 50-DMA around $90."
"The recent pivot low of $75 is a crucial support. There would be a risk of resumption in downtrend if this gives way."
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