Fibonacci Retracements Analysis 23.12.2021 (Brent, Dow Jones)

Article By RoboForex.com

Brent

As we can see in the H4 chart, Brent is correcting upwards after attempting to reach the low 65.89. There is a possibility that the current ascending movement may attack the high at 86.63. However, if this wave fails to break the high and rebounds from it instead, the asset may start a new decline towards long-term 38.2%, 50.0%, and 61.8% fibo at 59.53, 51.20, and 42.86 respectively.

The H1 chart shows that the current correctional uptrend is trying to break 50.0% fibo again. If it succeeds, Brent may continue trading upwards to reach 61.8% and 76.0% fibo at 78.70 and 81.63 respectively.

Dow Jones

As we can see in the H4chart, after completing the descending wave, the index is steadily growing. if the asset breaks the high at 36570.0, it may continue trading upwards to reach the post-correctional extension area between 138.2% and 161.8% fibo at 37558.0 and 38172.0 respectively. Otherwise, the instrument may start a new decline towards the support at 33962.0.

In the H1 chart, divergence on MACD made the index stop falling at 61.8% fibo and start a new growth, which is heading to break the resistance at 36237.0. However, another scenario implies a reversal and a new decline towards 76.0% fibo and the low at 34508.0 and 33962.0 respectively.

Article By RoboForex.com

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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.