Société Générale Predicts Brent Oil to Extend Decline towards $65/63

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Société Générale Predicts Brent Oil to Extend Decline towards $65/63

According to a report by economists at Société Générale, Brent Crude Oil is expected to continue its decline towards $65/63. The oil prices have drifted towards their 2020 high of $71, but economists believe that the 50-day moving average at $83 will cap the upside. Brent has broken below the sideways consolidation since December, which denotes the resumption of the downtrend.

The report states that the daily MACD is at a higher level as compared to previous lows, but it is anchored within negative territory, denoting the lack of upward momentum. The economists note that there are no signals of a large bounce yet, and the next potential objectives are located at $65/63, which is the 61.8% retracement of the whole up move during 2020 and 2022.

This news is likely to impact the oil markets, and investors are advised to keep an eye on the oil prices in the coming days. The decline in oil prices can have a significant impact on the global economy, and this news could lead to a fall in the stock markets. The report by Société Générale highlights the importance of monitoring the oil markets, and investors should take note of the potential risks and opportunities associated with this trend.

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