Brent: Below $73.70, there is a risk of persistence in decline – Société Générale

Brent has experienced a steady pullback after failing to establish above the 200-DMA in January, Société Générale's FX analysts note. 

Below $68.70, next objectives are at $66.80 and $65.70/65.50 

"It has retested the low of last September at $68.70. A brief rebound has materialized however the peak achieved earlier this month at $73.70 could be a short-term resistance. If Brent fails to overcome this hurdle, there would be risk of persistence in decline. Below $68.70, next objectives could be located at projections of $66.80 and $65.70/65.50."