Article By RoboForex.com
Brent
The daily chart shows a long-term ascending tendency, which still seems pretty stable. However, one should note that after reaching the long-term 76.0% fibo, Brent has started a new short-term pullback, which may transform into a proper downtrend towards 23.6%, 38.2%, 50.0%, and 61.8% fibo at 58.00, 49.94, 43.40, and 37.00 respectively. A breakout of the high at 71.07 may complete the correction and lead to a further uptrend to reach the fractal high at 87.09.
As we can see in the H1 chart, the correctional uptrend has failed to reach the high at 71.07 and the post-correctional extension area between 138.2% and 161.8% fibo at 72.89 and 74.02 respectively. A new decline may be heading towards 61.8% and 76.0% fibo at 65.63 and 64.39 respectively, as well as the low at 62.27.
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DAX30
The daily chart shows that the DAX30 index continues rising and updating its highs one after another. This technical picture implies a further uptrend towards the post-correctional extension area between 138.2% and 161.8% fibo at 15938.6 and 17275.0 respectively. At the same time, there is divergence on MACD, which may indicate a new pullback.
In the H1 chart, after breaking 13462.6, the asset has entered the local post-correctional extension area between 138.2% and 161.8% fibo at 14260.6 and 14750.4 respectively. However, a divergence on MACD may hint at a new pullback towards the level broken earlier.
Article By RoboForex.com
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.
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