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    Brent: Fibonacci analysis on 29.02.2016

    A decline might continue.

    On the 4-hour chart, having grown to its 2-month highs, the price is correcting down. The downward correction might reach the levels of 34.90 (23.6% correction), 34.50 and 34.00 (38.2% correction). A growth would resume if the price turns up and consolidates above the level of 36.35. In this case, the target for Bulls would be the level of 37.50 (38.2% correction for the medium-term trend).


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