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Brent rebounds from key support near $58 – Société Générale
Key Takeaways (30s Read)
Brent crude has bounced back from key support near $58 and is now approaching $65.
Brent crude has rebounded from the April-May low around $58.40 and is currently pushing toward the 200-day moving average near $65.75, which has capped recent rebound attempts. Société Générale's FX analysts highlight that this recovery reflects market sentiment, raising the question of whether this resistance can be breached. A breakout above $65.75 could signal a strengthening uptrend and further highs, while failing to sustain above this level could pose risks of a downtrend resumption. Traders should focus on these support and resistance levels for potential trading opportunities.
AI Analyst
AI Opinion
"The Brent crude market is showing a rebound from the support around $58, potentially influenced by improving demand and market conditions. The presence of the resistance level at $65.75 will greatly impact future price movements, determining whether a breakout will occur. The market remains volatile, and traders should consider potential geopolitical risks and supply changes. It is crucial for traders to monitor these trends and identify suitable entry points, as well as implement stringent risk management to prepare for sharp price fluctuations."
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