As we can see in the H4 chart, after breaking the high at 77.48, Brent has entered the post-correctional extension area between 138.2% and 161.8% fibo at 82.19 and 85.14 respectively. The next upside target is the fractal high at 87.09. At the same time, there is a divergence on MACD, which may indicate a possible pullback to the downside with the closest target at 77.48. The key support here remains the local low at 65.03.
The H1 chart shows the potential short-term downside correctional targets after local divergence on MACD. If the pair fails to break the high at 84.83 in the nearest future, the asset may fall towards 23.6%, 38.2%, and 50.0% fibo at 80.15, 77.27, and 74.93 respectively.
In the H4 chart, the asset continues trading upwards after convergence on MACD. After growing and reaching 61.8% fibo, the Dow Jones Index started a new pullback, which has failed to test the local low at 33517.0 yet. In this case, the growth may yet continue towards 76.0% fibo and the high at 35122.0 and 35631.0 respectively. A breakout of the high will lead to a further uptrend towards the post-correctional extension area between 138.2% and 161.8% fibo at 36433.0 and 36933.0 respectively.
As we can see in the H1 chart, the asset was correcting downwards after finishing the previous ascending wave. The price tried to fall and reach 61.8% fibo at 34072.0 but convergence on MACD made it reverse and start a new impulse to the upside. The target of this impulse may be the resistance at 34969.0.
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.