As we can see in the H4 chart, the situation has significantly changed over the last week. At the moment, Brent is steadily growing towards the high at 86.63. However, the asset may yet slightly correct before attacking this level. After breaking the high, the price may continue trading upwards to reach the post-correctional extension area between 138.2% and 161.8% fibo at 94.50 and 99.40 respectively. The key support is the low at 65.89.
The H1 chart shows the potential downside correctional targets after the price tests the high and reverses due to divergence on MACD; they are 23.6%, 38.2%, and 50.0% fibo at 82.53, 80.00, and 77.95 respectively. The local support is at 69.25.
As we can see in the H4 chart, the asset is slightly correcting after completing the descending wave. If the price breaks the high at 36971.0, it may continue trading upwards to reach the post-correctional extension area between 138.2% and 161.8% fibo at 37562.0 and 38177.0 respectively. in the nearest future., the instrument may form another descending wave. The support at the low at 33962.0.
The H1 chart shows that after falling and reaching 50.0% fibo, the asset has corrected towards 23.6% fibo. The next descending wave may head to reach 61.8% and 76.0% fibo at 35557.0 and 35235.0 respectively, as well as the support at 34683.0.
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.