Brent Oil to soar towards $114/117 on a break beyond – SocGen

Brent Oil has extended its uptrend after breaking above 2018 high of $86.75. A move beyond $101.50/101.90 would open up further gains towards $114/117, straetgists Société Générale at report.

The $90.00 level is important support 

“Brent is now inching closer to interim hurdle of $101.50/101.90 representing projections and the upper limit of an ascending channel. Test of this could lead to a pullback however signals of reversal are still not visible.” 

“Low formed last week at $90.00 should be important support near-term.”

“Beyond $101.50/101.90, next significant resistance zone could be at 2014 peak of $114/117.”