Brent falls below key 2024 support – Societe Generale

Brent crude has extended its decline after breaching key support levels from earlier in 2024. While momentum indicators suggest the move is stretched, signs of a significant rebound remain elusive, Societe Generale's FX analysts report.

Rebound hurdles lie near $68 zone

"Brent has experienced an extended down move after break below crucial levels of $68.10/68.70 representing troughs of 2024 and March. Daily MACD is registering multi-month lows denoting a stretched decline, however signals of a meaningful bounce are not yet visible."

"Next projections are located at $57.80 and $54. If a short-term rebound develops, graphical levels of $68.10/68.70 could be an important hurdle."