Key Moments
- Brent futures accelerated toward $120 after breaking out of a large base, followed by a sharp correction.
- The contract has been holding above the $81 area, with an upside price gap identified near $93.80.
- Societe Generale highlights $120 as a key interim hurdle, with $93.80 and $81 viewed as near-term support levels.
Technical Setup for Brent Crude
Societe Generale analysts note that Brent has emerged from a substantial base pattern and quickly advanced toward $120 before undergoing a pronounced pullback. Despite that retracement, the contract is described as maintaining levels above $81, which the analysts characterize as the upper boundary of a prior consolidation zone.
They also point to an upside gap on the daily chart, underscoring the significance of this technical feature for short-term price behavior. According to the analysis, ongoing Gulf supply risks keep attention centered on these chart levels.
Impact of Gulf Developments on Energy Prices
“Crude and nat gas prices took off again following the new developments in the Gulf, compromising exports from Oman and tanker movements in Iraqi waters.”
The analysts link the renewed strength in crude and natural gas prices to these developments affecting exports and shipping activity, adding another layer of relevance to current Brent price dynamics.
Key Resistance and Support Levels
“Brent recently broke out of a large base formation and accelerated higher towards $120. A steep pullback followed, but Brent has held above the upper end of the prior consolidation zone near $81.”
“An upside gap has also formed on the daily chart. In the short term, price action may remain within a broad range.”
“The recent pivot high around $120 stands as an interim hurdle, a break above this may lead to further extension of the uptrend.”
“The up‑gap near $93.80 and $81 could act as near‑term supports.”
Brent Technical Levels Overview
| Level | Role | Comment |
|---|---|---|
| $120 | Interim resistance / pivot high | Viewed as a key hurdle; a break above could allow further trend extension |
| $93.80 | Near-term support | Identified as an upside gap on the daily chart |
| $81 | Near-term support | Upper end of the previous consolidation zone, currently holding above this area |
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