Brent
As we can see in the daily chart, Brent has reached the long-term 23.0% fibo after divergence on MACD. The fact that “bears” were so active implies that they intend to continue the descending tendency. The next downside targets are 38.2%, 50.0%, and 61.8% fibo at 59.53, 51.20, and 42.86 respectively. The key resistance is the high at 86.63.
The H1 chart shows convergence on MACD, which resulted in a new pullback. By now, the pullback has tested 38.2% fibo at 73.32. the next impulse may break this level and reach 50.0% fibo at 75.10. on the other hand, a breakout of the low at 67.66 will lead to a further downtrend in the instrument.
Dow Jones
As we can see in the daily chart, divergence on MACD made the asset reverse after reaching 36570.0 and start a new descending impulse, which is looking quite stable. The downside targets are 23.6%, 38.2%, and 50.0% fibo at 32230.0, 29550.0, and 27380.0 respectively. The resistance is the high.
The H1 chart shows a possibility of a new correctional uptrend and convergence on MACD confirms it. The correctional targets are 23.6%, 38.2%, and 50.0% fibo at 34580.0, 34960.0, and 35265.0 respectively. A breakout of the low at 33962.0 will result in a further descending tendency.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.