Brent: Next objectives are located at $65.50/64.70 and $63 – Societe Generale
Source Fxstreet
Brent has pulled back after facing strong resistance around the 200-DMA ($76) recently, Societe Generale's FX analysts report.
Brent to reach $63 in the near term
"It is fast approaching last September/March lows at $68.70/68.10, which is also a trend line connecting troughs of March 2023/September 2024. This remains a crucial support. It will be interesting to see if Brent can form a base near this zone and attempt a bounce."
"Failure defend it may result in an extended downtrend. Next objectives could be located at projections of $65.50/64.70 and $63."
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
Bitcoin surged past $83,500, rising 12% after Trump reversed global tariffs. This market recovery comes after BlackRock CEO Larry Fink’s informed investors of a potential buying opportunity on Monday.
Gold Price Forecast: XAU/USD drifts higher above $3,050 amid escalating US-China trade tensionsThe Gold price (XAU/USD) edges higher to around $3,080 during the late American session on Wednesday. The safe-haven demand amid escalating trade tensions between the United States and China provides some support to the precious metal.
The Gold price (XAU/USD) edges higher to around $3,080 during the late American session on Wednesday. The safe-haven demand amid escalating trade tensions between the United States and China provides some support to the precious metal.
Ethereum Price Forecast: Trump's tariff pause lifts ETH as SEC approves options trading on ETH ETFEthereum (ETH) gained 13% on Wednesday after President Trump announced a 90-day tariff pause on 75 countries. Following the announcement, the Securities and Exchange Commission (SEC) approved Fidelity, BlackRock, Bitwise and Grayscale applications to allow options trading on their spot Ether ETFs.
Ethereum (ETH) gained 13% on Wednesday after President Trump announced a 90-day tariff pause on 75 countries. Following the announcement, the Securities and Exchange Commission (SEC) approved Fidelity, BlackRock, Bitwise and Grayscale applications to allow options trading on their spot Ether ETFs.
The cryptocurrency market witnessed another 6.5% upswing on Wednesday, with an aggregate market capitalization of $2.7 trillion at press time, according to Coingecko.
Bitcoin (BTC) miners are reportedly scrambling to import mining equipment into the United States (US) following rising tariff tensions in the US-China trade war, according to a Blockspace report on Wednesday.
Related Instrument
