Brent nears key October support at $60.10 – Société Générale

💡 DMK Insight

Brent crude is flirting with critical support at $60.10, and here’s why that matters: The inability to break above the 200-day moving average (DMA) signals a bearish trend that could lead to further declines. Traders should be cautious, as a sustained drop below $60.10 could trigger stop-loss orders and accelerate selling pressure. This level is not just a psychological barrier; it’s a key technical point that, if breached, could open the door to lower targets. Look at the broader context—ongoing supply concerns and geopolitical tensions are keeping volatility high. If Brent breaks down, it could also negatively impact correlated assets like WTI crude, which often moves in tandem. Keep an eye on the daily charts; a close below $60.10 could lead to a retest of the next support level, potentially around $57.50. Watch for any news that could sway sentiment, especially from OPEC or major oil-consuming nations, as that could shift the dynamics quickly.