Brent Crude Oil to extend its slide towards the $79.20/$77.50 area – SocGen

Brent Crude Oil has broken below the key support level of $83. Strategists at Société Générale note that the next targets are located at $79.20/$77.50, then $73.00.

Resistance aligns at $86.80 

“Breakdown below the low of September affirms persistence in decline. Next potential objectives are at $79.20/$77.50, the 50% retracement of the whole uptrend since 2020 and projections of $73.00.”

“Recent pivot high near $86.80 is near-term resistance.”

See: WTI renews yearly low as Coronavirus woes join fears of higher supplies, oil price cap