Brent Crude Rebounds to Test Key Resistance at 200-DMA

Brent crude oil has staged a sharp rebound after successfully defending the late-February low around the $69 level. The recovery has brought prices back to a critical technical juncture, where they are now testing the 200-day moving average alongside a descending trendline.

Societe Generale strategist Kenneth Broux highlighted this development, noting that the oil benchmark is attempting to breach a significant resistance zone. A decisive break above this area could open the door for further upside, while a failure might reaffirm the broader downtrend.

The rebound comes amid ongoing uncertainty in global demand and supply dynamics, with the market closely watching for catalysts that could determine the next directional move. Traders are now focusing on whether Brent can sustain momentum above these technical hurdles.