Brent nears key October support at $60.10 – Société Générale

Brent is drifting toward October’s $60.10 support, with only limited rebound potential amid persistent failure at the 200-DMA, Société Générale’s FX analysts note.

200-DMA at $66.80 remains firm resistance

“Brent is gradually approaching October’s lows near $60.10, which could act as interim support. A brief rebound cannot be ruled out; however, Brent has consistently failed to establish above the 200-DMA during the recent downtrend.”

“The moving average, currently around $66.80, serves as a key short-term resistance. A failure to clear this hurdle may result in continuation of decline. Below $60.10, the next objectives could be located at the April/May lows of $58.40 and $55.00.”