Brent crude remains capped below its 200-day moving average (DMA) near $70, with repeated attempts to move higher failing, raising the risk of another downward leg toward $65 and potentially $63–61, according to FX analysts at Société Générale.
Key resistance at $70 caps Brent rally
“Brent has consistently struggled to surpass the 200-DMA, highlighting a lack of sustained upward momentum. The moving average, currently around $70.00–70.75, acts as a short-term resistance zone,” the analysts noted.
“If Brent fails to break above this level, there is a risk of another decline. A break below the recent pivot low at $65.00 could open the way for an extended drop toward $63.30–63.00 and projections near $60.90.”
