In the daily chart, after failing to reach the high, Brent is trading between the high and 23.6% fibo at 71.07 and 58.00 respectively, and may start a new decline soon. In this case, the price may reach not only 23.6% fibo at 58.00, but also 38.2%, 50.0%, and 61.8% fibo at 49.94, 43.46, and 36.93 respectively. on the other hand, a breakout of the high will result in a further uptrend towards the fractal high at 87.09.
The H1 chart shows that a divergence on MACD made the asset complete its correctional uptrend at 61.8% fibo and start a new descending movement, which, after breaking 38.2% fibo, is now approaching 50.0% fibo at 64.00. Later, the market may continue falling towards 61.8% and 76.0% fibo at 63.17 and 62.17 respectively. The key downside target is the local low at 60.46.
The H4 chart shows that the Dow Jones continues forming a stable ascending tendency to reach the post-correctional extension area between 138.2% and 161.8% fibo at 33941.0 and 36620.0 respectively. However, despite this stable uptrend, the price is slowing down and there is a divergence on MACD, which may indicate a possible pullback soon. The mid-term correctional targets may be 23.6%, 38.2%, and 50.0% fibo at 32330.0, 31132.0, and 30166.0 respectively. The resistance is the high at 34272.0.
As we can see in the H1 chart, after finishing the descending correctional movement at 23.6% fibo and rebounding from it, the asset is trading towards the high. If the asset fails to break it, the instrument may resume falling to reach 38.2%, 50.0%, and 61.8% fibo at 33437.0, 33182.0, and 32924.0 respectively.
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.