According to a report from Société Générale, Brent Crude Oil prices have opened with a significant bullish gap, and the next potential hurdle is located at the falling 200-day moving average near $90. The report stated that Brent Oil could test the $90 level, as it has extended its bounce towards February/March peaks of $87 after gapping up above the trend line drawn since March 2022. However, if Brent fails to hold support at $79, the downtrend could resume. The report further added that Brent has failed to reclaim the 200-day moving average since last September, and it would be interesting to see if it can hold above recent gap levels at $79.
