Fibonacci Retracements Analysis 16.09.2021 (Brent, Dow Jones)

16.09.2021

Brent

In the daily chart, after falling and testing the first correctional target after divergence at 23.6% fibo (62.90), the asset is moving upwards and heading to break the high at 77.48. However, al long as the price is moving below this level, the market may yet start a new decline to reach 23.6%, 38.2%, 50.0%, and 61.8% fibo at 62.90, 53.88, 46.65, and 39.40 respectively.

BRENT_D1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

As we can see in the H4 chart, the current rising wave has broken 76.0% fibo and is approaching the high at 77.48, a breakout of which may lead to a further uptrend towards the post-correctional extension area between 138.2% and 161.8% fibo at 82.21 and 85.14 respectively.

BRENT_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

Dow Jones

The H4 chart shows that another descending wave has re-tested 38.2% fibo. Possibly, the price may form a short-term pullback and then resume falling towards 50.0% and 61.8% fibo at 34334.0 and 34027.0 respectively. The resistance is the high at 35631.0.

DOW_JONES_INDEX
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

As we can see in the H1 chart, the asset is correcting upwards after convergence on MACD; it has already reached 38.2% fibo and may later continue towards 50.0% and 61.8% fibo at 35018.0 and 35138.0 respectively. A breakout of the low at 34517.0 will lead to a further mid-term correction.

US_30_CASH
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

Attention!

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.