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Brent Oil May Rally to $127 on ‘Double Buy’: Technical Analysis

Brent crude may extend this year’s advance to $127 a barrel after prices gave two signals to buy the commodity, according to technical analysis by Societe Generale SA.

Brent traded at about $120 a barrel on the London-based ICE Futures Europe exchange, having climbed 8 percent this month. Weekly prices completed a “head and shoulders” formation at the end of last year, typically an indicator of further gains, and at the end of January broke above a downward-sloping channel that had capped the market since April, London-based technical analyst Stephanie Aymes said in a report on Feb. 18.