Brent Oil eyes a slide to the August low at $64.60 – SocGen

Brent Oil has experienced a sharp pullback after faltering near 2018 levels of $86.70. It has achieved projections of $68.20. Strategists at Société Générale expect the black gold to remain under pressure towards the August low of $64.60.

Signals of rebound are still not visible

“The down move is a bit stretched however signals of rebound are still not visible.” 

“Daily Tenkan line near $75.60 is expected to be a near-term resistance.” 

“Next potential support is located at August low of $64.60.”