Brent Oil to enjoy further gains towards $92.50, then $95.00/96.30 – SocGen

Brent Oil has broken above the highs of 2018 and last October affirming the prevalence of upside momentum. Strategists at Société Générale expect Brent to extend its race higher towards next projections at $92.50 and $95.00/96.30. 

Signals of pullback are still not visible

“Weekly MACD has developed negative divergence recently however signals of pullback are still not visible.” 

“$85.00/84.70, the 23.6% retracement from December should be an important support near-term. Holding above this, the up move is likely to persist towards next projections at $92.50 and $95.00/96.30.”