Brent Crude Oil to witness a short-term up move towards April high of $87.50 – SocGen

Economists at Société Générale analyze Brent Oil technical outlook.

Next objective at $87.50 after breakout from base

Brent recently defended the low of March near $70 and evolved within a small base. A breakout from this accumulation has led it beyond the 200-DMA first time since August 2022. 

Daily MACD has been posting positive divergence and has crossed above the equilibrium line denoting regain of upward momentum. 

A short-term up move towards April high of $87.50 is expected. 

Defence of the MA near $81 would be crucial for persistence in uptrend.