Fibonacci Retracements Analysis 27.01.2022 (Brent, Dow Jones)

Brent

As we can see in the H4 chart, after breaking the high at 86.63 and fixing above it, Brent has tested the psychologically important level of $90 per barrel. In this case, the asset may slightly correct in the nearest future and then resume growing. The next upside targets are inside the post-correctional extension area between 138.2% and 161.8% fibo at 94.50 and 99.45 respectively. The key support is the low at 65.89.

The H1 chart shows a breakout of the previous high and divergence on MACD, which may hint at a possible pullback soon.

Dow Jones

As we can see in the daily chart, after completing the long-term uptrend due to divergence on MACD, the asset is starting a new bearish phase. The closest downside target is 23.6% fibo at 32256.0, while the next ones are 38.2% and 50.0% fibo at 29788.0 and 27577.0 respectively. The key resistance is the high at 36971.0.

The H1 chart shows a new pullback after a quick decline, which has already reached 38.2% fibo. As long as the asset is trading above the local support at 33138.0, there is a possibility of a new rising impulse towards 50.0% fibo at 35060.0.