Fibonacci Retracement Analysis for 12.08 2021 (Brent, Dow Jones)

Article By RoboForex.com

Brent

On D1, the market has tried to develop a downtrend twice after a divergence, yet every such movement turns into a flat. If the market does overcome the support level at the last fractal lows, the bearish dynamics will head for 23.6% (62.84), 38.2% (53.90), 50.0% (57.00), and 61.8% (39.35) Fibo. The resistance level is still the high of 77.47.

On H1, there is a correctional increase after a downtrend. The quotations are nearing 50.0% (71.91), and upon breaking through this level, they might even grow to 61.8% (72.90) Fibo. After this level is tested, we may expect another wave of decline to the current low of 67.67. If the quotations come over the current resistance level of 76.14, this will mean the long-term uptrend will continue.

Индекс Dow Jones

On H4, there is another impulse of growth developing after lengthy tests of the last high. This growth is aimed at the post-correctional extension area of 138.2-161.8% (35615.0-35935.0) Fibo. The support level is the low of 33744.0.

On H1, the quotations have reached the psychologically important resistance level of 35500.0 and might start pulling back after a divergence. The aims of the correction might be 23.6% (35086.0), 38.2% (34830.0), and 50.0% (34623.0) Fibo.

Article By RoboForex.com

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