Fibonacci Retracements Analysis 03.06.2021 (Brent, Dow Jones)

June 3, 2021

Article By RoboForex.com

Brent

In the H4 chart, after completing the correctional downtrend at 50.0% fibo, Brent is steadily growing and has already broken both highs, local and long-term, at 69.97 and 71.07 respectively. Later, the market may continue growing to reach the post-correctional extension area between 138.2% and 161.8% fibo at 72.05 and 73.33 respectively. The support is the local low at 64.50.


The H1 chart shows a more detailed structure of the current uptrend. At the same time, there is a divergence on MACD, which may hint at a possible pullback after the pair tests the upside border of the post-correctional extension area between 138.2% and 161.8% fibo at 72.05 and 73.33 respectively. The correctional targets may be 23.6%, 38.2%, 50.0%, and 61.8% fibo at 71.25, 69.95, 68.91, and 67.88 respectively.


Dow Jones

As we can see in the H4 chart, Dow Jones is slowing down a bit on its way towards the high at 35102.0. After completing the correction to the downside, the asset is moving upwards and has already reached 76.0% fibo. This rising wave is heading to break the high and then enter the post-correctional extension area between 138.2% and 161.8% fibo at 35786.0 and 36210.0 respectively. However, an alternative scenario implies a rebound from the high and a new mid-term correctional downtrend to break the low at 33295.0 and then mid-term 23.6% and 38.2% fibo at 32970.0 and 31651.0 respectively.


The H1 chart shows potential downside targets after a local divergence on MACD. The resistance is at 34856.2, At the moment, the index is falling and approaching 23.6% fibo at 34488.0. The next downside targets may be 38.2%, 50.0%, 61.8%, and 76.0% fibo at 34260.0, 34076.0, 33893.0, and 33670.0 respectively. Still, the key downside target is the local support at 33295.0.

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.

InvestMacro

Share
Published by
InvestMacro

Recent Posts

Europe wants lower oil prices to limit Russia’s military action.

By JustMarkets At the end of Monday, the Dow Jones Index (US30) was up 0.86%.…

20 hours ago

Japanese Yen in Consolidation After Recent Growth: Signs of Recovery but Insufficient Support Factors

By RoboForex Analytical Department The USD/JPY pair entered a consolidation phase on Tuesday, following modest…

21 hours ago

Is capitalism falling out of favor? We analyzed 400,000 news stories to find out

By Jay L. Zagorsky, Boston University and H. Sami Karaca, Boston University  Capitalism, communism and…

1 day ago

Oil and natural gas continue to rise. The New Zealand dollar fell to a 2-year low

By JustMarkets At the end of Friday, the Dow Jones Index (US30) fell by 1.63%…

2 days ago

New Zealand dollar near two-year low: USD and China are ‘to blame’

By RoboForex Analytical Department The NZD/USD pair has fallen to 0.5590 as of Friday, marking…

5 days ago

The RBA may start cutting rates in February. In Mexico, inflationary pressures are easing

By JustMarkets The US stock market did not trade yesterday. Today, important data on the…

5 days ago

This website uses cookies.