Fibonacci Retracements Analysis 17.02.2022 (Brent, Dow Jones)

17.02.2022

Brent

As we can see in the H4 chart, divergence on MACD made the asset start a new correctional decline after entering the post-correctional extension area between 138.2% and 161.8% fibo at 94.54 and 99.43 respectively. A breakout of the key support at 65.89 will lead to a reversal of the long-term tendency.

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

The H1 chart shows the downside correctional targets – 23.6%, 38.2%, and 50.0% fibo at 90.65, 86.56, and 83.28 respectively. A breakout of the resistance at 97.27 will result in a further uptrend.

BRENT_H1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

Dow Jones

As we can see in the daily chart, the index is starting a new descending tendency or even reversing. After failing to reach the first downside target at 23.6% fibo at 32545.0, the asset formed a slight pullback, which was later followed by a new impulse to the downside. If the price breaks the above-mentioned target, it may continue falling to reach 38.2% and 50.0% fibo at 29795.0 and 27582.0 respectively. The key support is the high at 36971.0.

US30CASH
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

The H4 chart shows that the correctional uptrend, after breaking 61.8% fibo, failed to reach 76.0% fibo at 36050.0 and divergence on MACD made the pair fall to reach 50.0% fibo. The next downside targets may be 61.8% and 76.0% fibo at 34181.0 and 33797.0 respectively, as well as the low at 33138.0.

DJIA
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.