Brent Crude Holds Range, Tests Resistance at $67

Brent Faces Stiff Resistance at 50-Day Moving Average

Brent crude oil continues to consolidate in a sideways channel, testing resistance at the 50-day moving average (DMA), currently near $67. Société Générale analysts note that while bearish momentum remains dominant—as confirmed by the negative daily MACD—there are signs of a potential base formation.

Key Support in Focus: April Low at $58.40

A deeper downside risk persists if Brent breaks below the April trough at $58.40. However, as long as the price holds above this level and attempts to reclaim the 50-DMA zone ($66.30–$67.00), chances for a short-term bullish reversal may increase.

Upside Targets: $68.70 and $72.50 on the Radar

Should Brent successfully breach and hold above $67, Société Générale sees technical upside potential to $68.70, followed by a broader rally toward $72.50. Traders will be watching for confirmation via MACD crossover and a close above the moving average.

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