Brent Oil could climb as high as $136 on a break above $117 – SocGen

Brent Crude Oil has extended its uptrend after breaking above the multi-year descending trend line and 2018 peak of $86.75. Strategists at Société Générale expect the black gold to test the $117.00 resistance. Above here, lies the next objectives at $127.00 and $136.00.

$105 and $99.00 are short-term supports

“Brent is gradually heading towards the potential resistance located at 2014 levels $115.70/117.00 which is also a projection for the uptrend since 2020. Test of this hurdle can lead to a pause however signals of a large down move are still not visible.” 

“$105 and daily Kijun line at $99.00 are short-term supports.”

“Beyond $117.00, next objectives are located at $127.00 and projections of $136.00.”