Article By RoboForex.com
Brent
On H4, after the quotations rose to the post-correctional extension area of 138.2-161.8% (82.20-85.15) Fibo, a divergence formed. This divergence signals about a pullback, and the first wave of the correctional decline already reached 23.6%. Subsequent growth tried to bring the quotations to 86.63, but the market was not powerful enough to accomplish it. The new impulse of decline can head for 38.2% (78.38), 50.0% (75.84), and 61.8% (73.30).
On H1, the decline after growth can be seen in more details. The quotations tested 61.8% and can drop to 76.0% (81.93) Fibo. However, the main goal will be the local low of 80.67. A breakaway of the low will open a pathway to medium-term goals.
Free Reports:
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
Sign Up for Our Stock Market Newsletter – Get updated on News, Charts & Rankings of Public Companies when you join our Stocks Newsletter
Dow Jones
On H4, upon testing the lower border of the post-correctional extension area of 138.2-161.8% (36434.0-36935.0) Fibo, a divergence on the MACD formed, as a signal for a pullback. The fractal low of 33517.0 is the main support.
On H1, the goals of the decline after the divergence on the MACD are visible. The declining wave is ready to test 23.6% (35988.0), and after a breakaway, it can head for 38.2% (35627.0) and 50.0% (35336.0) Fibo. A breakaway of the current high of 36570.0 will signal the continuation of the uptrend.
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.
- The RBA will maintain a restrictive monetary policy until the end of the year. Nov 19, 2024
- Safe-haven assets rally on nuclear concerns Nov 19, 2024
- Gold Rebounds Amid USD Weakness and Geopolitical Uncertainties Nov 19, 2024
- RoboForex Receives Best Introducing Broker Programme Award Nov 18, 2024
- The hawkish attitude of FOMC representatives puts pressure on stock indices. Oil is growing amid escalation in Eastern Europe Nov 18, 2024
- AUD/USD Stabilises Amid RBA’s Hawkish Outlook Nov 18, 2024
- COT Metals Charts: Speculator Changes led lower by Gold & Platinum Nov 17, 2024
- COT Bonds Charts: Large Speculator bets led by 2-Year & Ultra Treasury Bonds Nov 17, 2024
- COT Soft Commodities Charts: Large Speculator bets led by Corn & Soybean Oil Nov 16, 2024
- COT Stock Market Charts: Speculator Bets led by MSCI EAFE & VIX Nov 16, 2024
