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Brent crude has recovered from its downtrend’s floor, but encounters significant resistance between $68.70 and $70.50. Société Générale’s FX analysts suggest that inability to overcome this barrier might initiate a retreat, with $65.30 and $62.30 acting as crucial support thresholds.
$65.30 Support Level Critical for Near-Term Trajectory
“Brent has shown resilience, rebounding after testing the bottom of a descending channel established since 2023 at $58.40. The upward movement has, to date, been capped by graphical levels at $68.70/70.50, reflecting prior year lows and the 50-day moving average.”
“This area represents a temporary resistance zone. Should the upward momentum falter around this obstacle, a short-term retracement is possible. The recent low point of $65.30 serves as the initial support level. A breach below this point could lead to a more pronounced decline toward $62.30 and the recent low at $58.40.”
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