Brent holds range, faces resistance near 50-DMA at $67 – Société Générale

Brent crude continues to consolidate in a sideways pattern, with downward momentum still dominant. A potential base formation hinges on holding above recent lows and reclaiming key moving averages, Société Générale's FX analysts note.

Key support near April low at $58.40 in focus

"Brent has evolved within a sideways range after facing resistance near 50-DMA ($67) recently. Daily MACD remains anchored within negative territory denoting prevalence of downward momentum."

"It will be interesting to see if Brent can carve out a higher trough than that achieved in April near $58.40 and form a base. If it establishes itself above the MA at $66.30/67.00, a short-term up move may take shape. Next objectives could be located at $68.70 and $72.50."