Brent Oil to head higher towards $154 on clearance of $139 – SocGen

Brent has experienced a parabolic up move recently and has formed a peak near $139.00 earlier this week. A break above this level would open up further gains towards $146748, then $154, strategists at Société Générale report.

Only at risk of declines on a break under $119

“Daily MACD histogram is at a record high which denotes the move is overstretched however signals of pullback are still not visible.”

“Overcoming $139 can lead Brent towards 2008 levels of $146/148 and projections of $154.”

“Only if bullish gap at $119 breaks, there would be a risk of a short-term down move.”