Societe Generale’s Kenneth Broux notes that Brent has sharply rebounded after defending the late-February low around $69 and is now testing the 200-day moving average and a descending trendline. The bank highlights resistance near $80.60 and upside potential towards $86–$90 if this level breaks, while warning that a drop below $75 support could revive the broader downtrend.

Rebound faces layered resistance levels

"Brent defended the late-February low of $69, resulting in a sharp rebound."

"It is now probing the confluence of the 200-DMA and the steeper descending trendline drawn from April."

"The high reached last week at $80.60 represents the first hurdle."

"If Brent breaks above this resistance, the rebound could extend towards the April low of $86 and the 50-DMA around $90."

"The recent pivot low of $75 is a crucial support. There would be a risk of resumption in downtrend if this gives way."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)